Tuesday, August 15, 2023
PITCH acquire Glasgow office building
The Property Income Trust for Charities has acquired Berkeley House, 285 Bath St, Glasgow for £5.925 million a net initial yield of 5.73%.
Drivers Jonas advised fund manager Mayfair Capital on the acquisition, which is the first multi-let office building to be purchased by PITCH.
The 25,818 sq ft building is let to Axa Equity & Law Assurance, Zurich Assurance Ltd and law firm Thompsons and Partners at a passing rent of £359,290 pa.
Commenting on the deal Andrew Kubski a Partner at Drivers Jonas' Glasgow office said, "This property diversifies from the Fund's existing portfolio which presently consists mainly of single let investments. There are a number of asset management angles which should add significant value."
King Sturge advised the vendor, AWG.
Drivers Jonas advised fund manager Mayfair Capital on the acquisition, which is the first multi-let office building to be purchased by PITCH.
The 25,818 sq ft building is let to Axa Equity & Law Assurance, Zurich Assurance Ltd and law firm Thompsons and Partners at a passing rent of £359,290 pa.
Commenting on the deal Andrew Kubski a Partner at Drivers Jonas' Glasgow office said, "This property diversifies from the Fund's existing portfolio which presently consists mainly of single let investments. There are a number of asset management angles which should add significant value."
King Sturge advised the vendor, AWG.
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