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Commercial Property News
Redevco completes Glasgow commercial property sale
Redevco has finalised the sale of a business property site in Glasgow to Prupim.
The property management firm has sold Ignis House - a 90,000 sq ft site - for £29 million, Property Week reports.
King Sturge advised Redevco on the deal, while Prupim was assisted by Smolka Strachan.
The commercial property is currently let out to Ignis Asset Management, as well as M&S Simply Food, Costa and Superdrug.
Investment director for Redevco Adam Starr was quoted as saying that the sale is "consistent with our wider corporate strategy to focus on the retail sector".
He added that it was an "obvious time to sell the property", as the company has recently completed a lease restructuring with Ignis, as well as a "major refurbishment" of the building.
Redevco currently holds real estate assets across Europe, with the majority (25%) being located in Belgium and 11% of its portfolio situated in the UK.
The property management firm has sold Ignis House - a 90,000 sq ft site - for £29 million, Property Week reports.
King Sturge advised Redevco on the deal, while Prupim was assisted by Smolka Strachan.
The commercial property is currently let out to Ignis Asset Management, as well as M&S Simply Food, Costa and Superdrug.
Investment director for Redevco Adam Starr was quoted as saying that the sale is "consistent with our wider corporate strategy to focus on the retail sector".
He added that it was an "obvious time to sell the property", as the company has recently completed a lease restructuring with Ignis, as well as a "major refurbishment" of the building.
Redevco currently holds real estate assets across Europe, with the majority (25%) being located in Belgium and 11% of its portfolio situated in the UK.
Wed, 10th Feb 2010