Business centre sold
Maxim Office Park sold to Shelborn in £38m deal
Maxim: new owner
Maxim Office Park on the outskirts of Glasgow has been sold to property investor Shelborn Asset Management in a deal worth £38 million.
Shelborn has acquired the 756,000 sq ft park, one of the biggest in Europe, on behalf of offshore clients from an affiliate of Cerberus Capital Management.
Broadoak Asset Management sold the asset on behalf of Tritax Eurocentral EZ Unit Trust.
Tenants include the Scottish Environment Protection Agency, flexible workspace giant Regus, infrastructure group Balfour Beatty and life sciences firms Lamellar Biomedical and TC BioPharm.
Brian Rabinowitz, director at Shelborn, said: “We are excited to be involved in Maxim Park and see it as the number one destination for any occupiers looking outside Glasgow.
‘”We acquired the property for offshore investors and this continues our strategy of pursuing opportunities that offer the potential of added value.
“The park presents extremely well and there are many existing happy tenants, so we look forward to securing further letting success over the next few years.”
Rabinowitz added: “This is our second acquisition in Scotland this year, following the purchase of Caledonian House in Dundee.
“We believe the Scotland office market offers good opportunities at the moment, with the potential for further growth and development.”
Knight Frank acted for Shelborn and Cushman & Wakefield acted on behalf of Cerberus.
Broadoak Asset Management more than doubled occupation at Maxim since it took over as asset manager in 2015, with 15 tenants arriving and the largest Glasgow non-core office lettings of both 2017 and 2018.
Craig Ritchie of Broadoak said: “Maxim has had a great run of leasing success over the last 24 months, so timing was good to capture the increase in value and execute a successful exit.”