Clydebuilt II Limited Partnership (CLP II), a joint venture between Scottish property company Ediston and Strathclyde Pension Fund (SPF), has completed the acquisition of a multi-let office Central Exchange in Glasgow for around £22 million.

Ryden's Investment team represented CLP II in the transaction.

Located in the heart of Glasgow's CBD at the corner of Waterloo Street and Wellington Street, the building is less than 100 metres from Glasgow Central Station. Spanning 95,174 sq ft across nine floors and offering 33 car parking spaces, it boasts an impressive double-height reception foyer.

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With an EPC 'A' rating, the property is currently multi-let to Hymans Robertson, Ashurst, Associated Newspapers and Aberdein Considine.

Developed in 2003, Central Exchange combines an exceptional city centre office location with a clear strategy to reposition it back to 'best in class' quality. Regarded as a city centre landmark, it has even featured on a Clydesdale £20 note during its time as the bank’s main Glasgow headquarters.

Calum Bruce, Fund Manager of CLP II said: "Central Exchange provides the Fund with both a robust income stream and an excellent repositioning opportunity in a supply constrained market. The prime location in Glasgow's CBD merits a high-quality office refurbishment, which we will deliver to meet the needs of modern occupiers.

"The acquisition complements our purchase of Sentinel and underscores our confidence in Glasgow’s office market."