Glasgow office building sold in £7.3m deal
London-based firm APAM has acquired 38 Cadogan Street in its second Scottish acquisition in recent months
Perry Gourley
APAM has acquired 38 Cadogan Street, a 40,000 sq ft development, from LaSalle Investment Management (Image: mcateer photograph)
Real estate investment manager APAM has bought a Glasgow city centre office building in a £7.3m deal.
The London-based firm has acquired 38 Cadogan Street, a 40,000 sq ft development, from LaSalle Investment Management in its second Scottish acquisition in recent months.
New retail park planned for former Purina plant site
The Glasgow building is majority let to Wescot Credit Services and has one vacant suite ready for occupation.
APAM said Cadogan Street is an increasingly sought-after location in Glasgow and is set to be transformed over the next few years with two major developments - Cadworks and The Grid - immediately adjacent to 38 Cadogan Street.
Patrick Freestone, senior investment manager at APAM, said: "38 Cadogan Street is situated in one of Glasgow's most exciting locations and provides a great opportunity for us to add value immediately through active asset management and capture future growth from a low passing rent."
Edinburgh 'leading Scots building boom'
Knight Frank represented APAM on the transaction with Ryden acting for LaSalle Investment Management.
The acquisition is APAM's second recent deal in Scotland following the purchase of OneSixty Dundee Street in Edinburgh for £9.64m.
Originally developed as the headquarters for brewing company, Scottish and Newcastle, the 48,000 sq ft office is located in the Fountainbridge area of the city and is let to tenants including Jacobs UK and Experian.