Pan-European real estate investment and asset manager Eagle Street Partners has acquired an office property in Glasgow for £20 mln (€23 mln) from UK value-add investor Praxis.
The 70,000 ft2 (6,500 m2) scheme at 310 Vincent Street is let to a number of tenants including Cisco, law firm Lawrie and Wescot Credit Services, the latter of which signed a major lease during lockdown in October 2020.
The offce was formerly home to whisky distillers Whyte and Mackay.
Praxis said that the deal volume was nearly twice what it paid for the asset in 2015.
James Hewitt, head of asset management at Praxis said: 'The sale of 310 St Vincent Street caps £100 mln worth of profitable exits for the group since the onset of the Covid pandemic, all ahead of business plan.
'The conclusion of our 310 St Vincent journey is particularly gratifying because it demonstrates that older properties can be rehabilitated, with technology retrofitted to substantially reduce energy consumption and operational carbon, while still delivering highly attractive returns.'
Knight Frank and Ryden acted on behalf of Praxis, while FT Liden represented Eagle Street.