Fifth investment in city
Glasgow deal takes Ambassador over £100m
Hanover House: fifth investment
Ambassador LB Holdings, a joint venture between Glasgow-based property investor Ambassador Group and specialist investment manager ICG-Longbow, has just completed the £5 million acquisition of Hanover House, its fifth investment.
The deal takes total capital committed by the JV to the Scottish commercial property market over the past year to £100 million.
ICG-Longbow has provided both debt and equity funding, with Ambassador Group taking on the role of asset manager in addition to committing equity.
Hanover House is a vacant office building in Glasgow city centre and together with purchases last year of RWF House and Granite House, Ambassador LB has now committed more than £60m in Glasgow, underlining its confidence in the occupational market.
Granite House represented one of the largest office acquisitions in the city by a UK-based investor.
The five-strong portfolio also includes: Prudential’s largest UK office campus, located near Stirling; RWF House in Glasgow, in June; and the office and laboratory facility of Q2 Solutions in Livingston.
The joint venture is now stepping up its investment drive and is targeting off-market, value-add assets across all sectors in Scotland.
Chris Richardson, Investment Director at Ambassador Group, said: “Looking forward to 2018, we are excited to continue to work with ICG-Longbow on growing the JV portfolio across Scotland and the UK.”
Kevin Crowley from ICG-Longbow added: “The acquisition of Hanover House continues our strategy of investing in value add opportunities across the UK.
“Ambassador has a proven track record in Scotland and we are pleased to be working in joint venture with them on this and the wider portfolio. We see further value in the Scottish market and continue to seek new opportunities for both direct investment and lending.”
The tie-up with ICG-Longbow marks an active year for Ambassador Group, an established Glasgow-based property company involved in the office, retail, leisure, industrial and residential sectors. The privately-owned property company, led by David Gaffney founder and CEO, has three main divisions; real estate, developments and capital partners.
It is currently delivering the residential development Park Quadrant Residences in Park Circus.
Savills represented Ambassador LB in the acquisition of Hanover House; Stallan Brand, PMP and DWF also provided advice.