AEW receives Glasgow retail space
AEW, acting on behalf of the AEW European City Retail Fund, bought the Scottish Stock Exchange building for 38.3 euros. The asset is the most retail building in Glasgow.
The Scottish Stock Exchange building is located on 153-159 Buchanan Street and 6-11 Nelson Mandela Place. Covering an area of 57.190ft², the building has Class A features. The retail sales area of the building is 22.704ft².
The asset has nine tenants. On the ground and the first floor of the property is North Face and Urban Attire. On the third and fourth floors, the Scottish Ministers are allowed. On the ground floor are three restaurants, an entertainment unit and Nelson Mandela Place.
Spencer Corkin, Director of Investments told “This is one of the best retail assets in Scotland, reflecting our highly selective acquisition strategy in the UK. Buchanan Street is second only to London’s West End in terms of footfall and retail spend, yet it provides a significant prime yield margin. The micro location’s fundamentals remain particularly attractive with almost zero availability and robust occupier demand driving strong rental growth in recent years.”
Christina Ofschonka, Fund Manager Europe City Retail says “Through this acquisition, we have added another high-quality asset to the Fund portfolio and we have a strong pipeline of further potential investments. Over the last 12 months, we have expanded the breadth and depth of our investor base with new investors from Italy and the Netherlands, reflecting the strong appetite among institutions for this focused retail strategy.”
Sevdenur Demir / [email protected]