G1, the fully let, Grade A office development in Glasgow's
George Square has been acquired by Union Investment, the
Hamburg-based real estate investment manager.
Completed in 2010, the new build comprises 12,200 sq m of rental
space and will be added to the open-ended real estate fund Unilmmo:
Deutschland. The fund already owns the Equinox office building in
Glasgow, fully let to esure.
With around 2.2 million sq m of office space, Glasgow has the
largest office market in the United Kingdom outside of London.
"As a core market with relatively low market rent volatility
compared with London, Glasgow is very well placed to contribute to
diversification of our portfolio in the UK," says Volker Noack,
Member of the Management Board of Union Investment Real Estate
GmbH, Hamburg.
A Grade A listed building, G1 was renovated in 2010, preserving
the listed sandstone façade which, together with the striking glass
roof, gives the property its landmark status.
A BREEAM "Very Good" certification and a B" rated Energy
Performance Certificate underscores the building's high level of
energy efficiency.
Developed by HFD Group,
G1 was awarded Best Commercial Workplace at the British Council for
Offices Awards in 2011.