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Monday, June 19, 2023

F&C; buys 200 Broomielaw in Glasgow's International Financial Services District

Further evidence of the growing popularity of Glasgow's International Financial Services District (IFSD) was revealed today with the news that its anchor building 200 Broomielaw has been sold. F&C; Property Asset Management has bought the building for 35.76 million.

The deal comes weeks after it was confirmed that global insurance giant Ace Group has taken 43,827 sq ft of the building, bringing up to 450 jobs to the city. The remainder of the space is let to design and engineering company Atkins Ltd.

Daniel Plummer, Head of Regional Offices at F&C; Property said: "This deal was a good opportunity to purchase into a rising market. 200 Broomielaw is a very well let building located in an up and coming location within central Glasgow. The city is seeing significant take up of Grade A office space and with it we expect significant rental growth over the next five years."

Bruce Walker, of developers Walker Group, said: "We are delighted to have sold the building so soon after landing two such fantastic tenants.

"There has been a huge amount of interest in the building over the past few months and we took the decision not to market it but to approach investors who had already registered an interest in the building privately.

"There cannot be a greater endorsement of the IFSD and Glasgow itself than the fact that there were a number of parties who made serious offers for a building of this scale.

"This is the culmination of a lot of work and we are grateful to everyone involved in the project including letting and investment agents and legal teams. A lot of midnight oil was burned getting this deal completed!"

He added: "Walker Group is actively looking for investment and development stock and I am hoping to announce a new acquisition soon."

Ironically, Glasgow now faces a shortfall in the provision of office accommodation following the letting of 6 Atlantic Quay, Sentinel, Central Exchange (now Clydesdale Bank Exchange) and Optima. Only Aurora on Bothwell Street remains unlet although one floor is currently under offer.

Bruce added: "These large lettings are reinforcing the fact that Glasgow is a fantastic place to do business with excellent transport links and a great workforce. We hope that other developers will capitalise on the growing demand for top quality office accommodation in the city."

Cushman & Wakefield and Bell & Scott acted for Walker Group. F&C; Property acted on behalf of the FPLAL Commercial Fund.