One of the biggest UK office deals outside of London following the COVID-19 pandemic
Singapore-based Elite Partners Capital has acquired 150 Broomielaw, one of the most prominent offices by the side of the Clyde, in the heart of Glasgow’s International Financial Services District (IFSD).
Developed in 2001, 150 Broomielaw offers 96,759 sq. ft. of Grade A office accommodation over eight storeys and is entirely let to Scottish Enterprise, and occupied by Scottish Ministers.
Patrick Ford, Director, Capital Markets, Colliers International, who advised Elite Partners Capital, said: “Overseas capital continues to be the main driver in Scotland’s commercial property market – that looks likely to remain the case for the rest of 2020, and looking into 2021.”
Elite Partners Capital intends to 150 Broomielaw to its UK Commercial Fund III. The firm’s CEO, Victor Song, said: “We are delighted to secure this landmark building in Scotland’s largest city. Despite the COVID-19 pandemic, the UK continues to offer property investment opportunities with promising potential returns. 150 Broomielaw is the latest significant addition to Elite’s existing portfolio of commercial and logistics assets. We continue to appraise similar opportunities for our investors, as we grow our assets under management in the UK.”