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Fund pursuing acquisition

Credit Suisse poised for Glasgow office deal

Cuprum Credit Suisse is looking to re-invest in Glasgow with the biggest office deal in the city since the EU referendum last year.

A fund run by the Swiss group is close to a £28 million swoop on the Cuprum building which has 99,588 sq ft of sought-after grade A space.

Tristan Capital Partners owns the fully-let building in Argyle St which it bought out of administration in 2011 for £23.5m.

Among its tenants, AXA last year signed a 15 year lease to take nearly 49,500 sq ft on the second, third and fourth floors for more than 440 employees.

The indicated price, according to Property Week, would beat the £23.25m paid by FORE Partnerships and Kier Property for 50 Bothwell Street in September.

If the deal goes ahead it will give a boost to a market which has dipped below £100m of investment – the lowest since 2011.

Credit Suisse is understood to have last invested in Glasgow in 2008, buying 4 Atlantic Quay. In 2005 it bought 6 Atlantic Quay.

It sold its largest asset, Aurora, to M&G Real Estate in 2015 for more than £70m.

CBRE is acting for the Credit Suisse fund; Knight Frank is acting for Tristan Capital.

> Drum Property Group is believed to be selling an Aberdeen office for £40m in a deal that would be bigger than the total investment in the city’s office market for the whole of last year.

A North American institutional investor is looking to buy the premises at the Prime Four business park development.

However, elsewhere in the city oil firm Total is said to be abandoning plans for a 250,000 sq ft HQ at the Altens Industrial Estate after agreeing to take space in engineering firm Subsea 7’s campus in Westhill.

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