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Deutsche AWM buys BAM spec Glasgow HQ for £70m

By Paul Norman - Tuesday, September 30, 2014 10:53

Deutsche Asset and Wealth Management’s (Deutsche AWM) real estate investment business has bought the CONNECT110NS development at 110 Queen Street, Glasgow from BAM on behalf of one of its German funds for approximately £70m.

Due for completion in June 2015, the grade A building will span over 150,000 sq ft and comprise eight floors of offices in addition to four shops focused on Glasgow’s Ingram Street.

CONNECT110NS is located in the heart of the commercial area within close proximity of George Square, the city’s main square, and adjacent to Buchanan street.

It is one of three major speculative office developments coming forward in the city at present and has had notable success in securing tenants with both Brodies and Grant Thornton committing to space.

Around 102,156 sq ft of offices remains available for let along with 20,000 sq ft of ground floor retail space.

Cushman & Wakefield and Phil Reid Associates advise on the office leasing. Cushman & Wakefield advises on the retail. JLL acted for Grant Thornton recently.

BAM Properties has invested £40.4m in CONNECT110ns with a further £9.6m loan secured from the Scottish Partnership for Regeneration (SPRUCE) Fund, established by the Scottish Government and European Regional Development Fund. During its construction the development will support 250 jobs and 30 apprentices.

“We are pleased to add this development to our portfolio which provides greater exposure to one of the United Kingdom’s major regional cities where we anticipate increasing occupier demand,” said James Petit, Head of Real Estate, UK and Ireland for Deutsche AWM.

Ross Burns, director, capital markets, JLL, said: “It is good to see increasing investor confidence in the UK office market and this is yet another significant speculative funding deal being agreed in Scotland this year. We are delighted to have been involved in the acquisition of Connect110ns, which is in a prime city centre location and has already attracted several high-profile tenants.”

JLL advised Deutsche AWM on the acquisition.

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