Hungarian developer Futureal has entered the UK market with the acquisition of the Spectrum building in Glasgow in a deal led by Trinova Real Estate.
Financial details were not disclosed.
Situated in the heart of Glasgow’s central business district on the corner of Blythswood Street and Waterloo Street, the iconic stainless-steel clad Spectrum Building offers over 6,800 m2 of office and retail accommodation. The offices are occupied by tenants such as Arthur J Gallagher, Hays Recruitment, Hogg Robinson and Resolvecall. The retail units are let to Subway and Bright Horizons Nursery.
'We are delighted to have acquired Spectrum on behalf of Futureal in our first deal together in this partnership – in particular we are looking forward to executing an exciting business plan with Futureal on their first UK office asset. The fundamentals of the Glasgow market are particularly attractive and supportive of the business plan, and we are looking to reposition the asset to capture a number of opportunities,' said Sam Resouly, partner at Trinova Real Estate.
The purchase of Spectrum Building represents the first direct acquisition in the UK for Futureal. The company said that it is continuously looking to expand its portfolio across Western Europe, where it is already active particularly in Spain and Germany.
'As part of our latest strategy, we intend to acquire further income-producing properties in major cities with a focus on asset repositioning. In addition to securing value-add projects like the Spectrum Building in Glasgow or the recently purchased Antares office building in Warsaw, Futureal Group is now also sourcing new opportunities outside of its traditional Central and Eastern European markets for the group’s commercial and residential investment and development businesses,' added Gábor Futó, founder of Futureal Group.
CBRE advised Futureal and Trinova, JLL acted on behalf of the vendor.