Glasgow office building snapped up for £5m by Middle Eastern investment group

A grade-A listed office building in Glasgow city centre has been sold for about £5 million to a Middle Eastern investment group, marking the latter’s first deal in Scotland.

International Investment Gate (IIG) has acquired 158-160 West Regent Street on behalf of one of its private clients. The building dates back to the early 1890s, with 20,000 square feet of office space spread over what was previously a church and an adjoining institute for educational and social activities, and is fully let to architecture practice Keppie Design until 2030.

Knight Frank acted for IIG on the Sharia-compliant deal, while Keygate Capital Real Estate Advisors represented the vendor. The transaction comes after IIG struck a handful of deals for offices in England’s major regional cities earlier this year, having broadened its reach beyond London and the south east for investment opportunities.

International Investment Gate has acquired 158-160 West Regent Street on behalf of a private client for £4.95 million. Picture: contributed.

IIG chief executive Dr Mohammed Alswaidan said: “We are delighted to have advised and structured the acquisition of this well-known Glasgow city-centre office building for one of our private clients. The property delivers an attractive income stream until 2030 whilst also offering numerous asset-management possibilities to enhance value in the long term.”

Douglas Binnie, associate at Knight Frank Glasgow, said the deal “underlines the fact that Glasgow continues to attract international investment”, adding: “Our research last month showed that, despite the obstacles presented by the pandemic, nearly half of investment in Scottish commercial property came from overseas buyers – a trend we expect to continue in what could be a busy end to 2021.”

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