Construction News

02/06/2009

ING Sells 220 St Vincent Street To Protego

Property consultant, CB Richard Ellis (Scotland) has announced the sale of 220 St Vincent Street, only the second deal to complete in Glasgow city centre this year.

CBRE (Scotland), acting on behalf of ING Real Estate Investment Management, has sold 220 St Vincent Street to Protego Real Estate Investors for £6m, reflecting a net initial yield of 7.75%.

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This multi-let Grade A office building was recently refurbished and is currently let to tenants CIGNA Insurance, Towry Law and Hiscox.

Steven Hendry, associate director in the Capital Markets team of joint selling agents CB Richard Ellis said: "Whilst activity in the investment market remains relatively subdued, our client was able to take advantage of a lack of competing stock and generate strong interest in this asset from a number of investors."

CBRE and Rydens acted for ING Real Estate and King Sturge represented Protego Real Estate Investors.

(GK/JM)

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