Greater London, South East and East Midlands top the UK property market
Invesco Real Estate (IRE) has acquired “Capella” at 5 Atlantic Quay in central Glasgow, for c.£43m. The 10,710 sqm office property was purchased for the Invesco Real Estate - UK III Fund[1], a close-ended, cross-border fund which invests German capital into the UK market. The property was bought from the BA Pension Fund.
Toby Simon, Invesco Real Estate’s Director of Fund Management, says: “We are delighted with the acquisition of this property, which is located in the prime area of the Atlantic Quay sub-market at the heart of Glasgow‘s international Financial Services District.
“The investment complements the existing fund portfolio well by focusing on strong real estate fundamentals of a high quality property in a good location whilst playing to our strengths of pursuing further asset management potential in an improving market environment in order to increase operating income.”
Capella was constructed in 2009 and is a Grade A, 11-storey office with strong tenants such as ATOS, Glasgow City Council, CapQuest and MacRoberts.
Rob Johnston, Invesco Real Estate’s Senior Director - Transactions UK & Nordics comments: “In our view, Glasgow is a strong UK regional office market and this prominent office building, with distinctive glass and steel structure, provides some of the best Grade A office space available in the city. It is thanks to our deep relationship within the local marketplace that enabled us to secure this highly regarded property off-market.”
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