Pramerica Real Estate Investors ("Pramerica") has completed the
acquisition of 141 Bothwell Street, a 175,000 sq ft Grade A office
building in the IFSD from Strathclyde Pension Fund, for around £70
million.
Completed in 2009, 141 Bothwell Street was awarded an Excellent
BREEAM for Offices 2006 rating, the first building in Glasgow to
achieve this certification. It provides 175,000 sq ft of space over
nine floors, fully let to blue chip tenants including Shell, HSBC
and PricewaterhouseCoopers.
"141 Bothwell Street is one of the highest quality office assets
in Glasgow, as demonstrated by its Excellent BREEAM rating, overall
standard of fit-out and the quality of the tenants, and we are very
pleased to have been able to take advantage of this investment
opportunity." said Friedrich von Carlowitz, Portfolio manager of
Pramerica. "We believe that the Glasgow office market offers one of
the best risk-return-profiles in UK right now, and, with a
relatively small amount of Grade A space available, this deal
represents excellent value which we are confident will generate
good returns on behalf of our investors."
Pramerica
is the European arm of the real estate investment and management
business of Prudential Financial, Inc. (NYSE:PRU), headquartered in
the United States.