SLI Property Income trust buys Glasgow office
Standard Life Investments Property Income Trust completes the purchase of a city centre office in Glasgow for £4m.
The trust has bought 140 West George Street, which was refurbished in 2009 to a Grade A specification.
The building is let to six tenants including Cyril Sweet, Anderson Fyfe LLP, Gerald Eve LLP, AWD Group plc and Central Insurance Services Ltd., with one vacant floor currently under offer.
The building is let off rents of £17 per square foot, with lease breaks, expires in 2015 to 2020.
Jason Baggaley, manager of Standard Life Investments Property Income trust, said: “This new purchase continues our approach of investing into good quality buildings in strong locations at attractive yields.
“This building provides top quality accommodation on small floor plates, at an attractive rent, and is occupied by a number of good quality tenants. Following the purchase the company is effectively fully invested, and the high income return is accretive to our revenue account.”