Clydebuilt II Limited Partnership (CLP II), a joint venture between Scottish property company Ediston and Strathclyde Pension Fund (SPF), has acquired the Central Exchange office building at 20 Waterloo Street in Glasgow for a price in the region of £22m.
Located in the heart of Glasgow’s central business district, the 95,174 sq ft building spans nine floors and offers 33 car parking spaces.
The EPC A rated property is currently let to Hymans Robertson, Ashurst, Associated Newspapers and Aberdein Considine.
The acquisition closely follows CLP II’s purchase of Sentinel, an 84,095 sq ft multi-let office at 103 Waterloo Street in Glasgow, which completed in August.
Calum Bruce, fund manager of CLP II, said: “Central Exchange provides the Fund with both a robust income stream and an excellent repositioning opportunity in a supply constrained market. The prime location in Glasgow’s CBD merits a high quality office refurbishment, which we will deliver to meet the needs of modern occupiers. The acquisition complements our purchase of Sentinel and underscores our confidence in Glasgow’s office market.”
Stuart Low, Investment Partner at Ryden, which represented CLP II on the deal, added: “It has been a pleasure working with Ediston on the acquisition of Central Exchange. The asset aligns seamlessly with CLP II’s strategy of well-located, value-add office investments. Ediston continues to strengthen its presence in Glasgow’s office market, a sector Ryden expects to go from strength-to-strength.”
CBRE and Acre Capital acted for the vendor.
