Skypark sold in deal worth more than £80m
Sky high: offices sold for above the asking price
Hermes Investment Management is buying Glasgow office development Skypark for a price said to be significantly above the £80 million expected.
The 550,000 sq ft campus attracted a competitive bidding process. Columbia Threadneedle is also believed to have been among the bidders, according to Property Week.
The sale above the asking price will inject new confidence into the Glasgow real estate market.
Skypark, in the newly-fashionable Finnieston area, comprises six offices and three development sites. It totals 508,144 sq ft of office space, 8,753 sq ft of retail and 21,530 sq ft of industrial.
It is multi-let, with almost 70% of the income derived from 12 tenants who include O2 and Serco. There is an average unexpired lease term of 5.48 years.
It was put on the market by Lone Star earlier this year through JLL, with the guide price reflecting a net initial yield of 7.16%. Lone Star bought the premises in 2015.
Hermes is currently building 122,000 sq ft at Capital Square, Edinburgh.