STV's Glasgow studios and HQ sold as part of multi-million-pound property deals

STV's Pacific Quay headquarters in Glasgow have changed hands as part of a series of multi-million-pound property investment deals.

The media studios and HQ facility have been acquired by stock market listed LXi REIT, which is one of several quoted real estate investment trusts, in an off-market transaction. The value of the deal was not disclosed.

The media facility, which was purpose-built for the Scottish broadcaster, comprises about 63,000 square feet over four floors, along with 150 car parking spaces.

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LXi REIT noted that the building benefited from a new, unbroken 20-year lease to STV, “demonstrating the tenant's commitment to the site”.

LXi REIT noted that the Pacific Quay building benefited from a new, unbroken 20-year lease to STV, 'demonstrating the tenant's commitment to the site'. Picture: Graeme Hunter/STV plc

It added: “The media facility is well located on the south side of the Clyde at Pacific Quay. The area has become Glasgow' s media and tech hub and is also home to BBC Scotland.

“Barclays have recently agreed to occupy 300,000 sq ft at Buchanan Wharf, which is to the east of the site. Over the adjacent bridge are the SSE Hydro, SEC Centre and SEC Armadillo, which are Scotland's leading events venues.”

The investment trust has also acquired a waste recycling and storage facility in Aberdeen, which is let to Biffa on a long lease with 14 years unexpired to first break.

The recycling facility is the company’s only waste transfer site in Aberdeen and LXi REIT said it had commenced discussions with the tenant to increase the length of the lease. Again, the individual value of the deal was not revealed.

Alongside the two Scottish acquisitions, the investment fund has bought a “substantial” life science and biotech campus in York. The campus, which extends to 382,000 sq ft, is home to some 1,000 workers.

In total, those three acquisitions amounted to £80 million.

LXi REIT also unveiled a property disposal with the sale of a Lidl food store in Chard, Somerset for £7.8m.

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Simon Lee, partner, LXI REIT Advisors, said: "These transactions demonstrate the company's continuing ability to make accretive and secure long income investments across a wide range of structurally supported sub-sectors, including its first investment in the life science arena, as well as highly profitable disposals."

The trust announced the latest deals following a £100m share placing last month.

In May, it emerged that the firm had exchanged contracts on the forward purchase of a new food store located next to Ibrox stadium in Glasgow. The 17,000-square-foot property, which benefits from 120 parking spaces, is pre-let to discount chain Aldi on a new lease.

News of the forward purchase of the Glasgow site came as the property trust also unveiled the acquisition of a Dobbies garden centre south of the Border.

The eight-acre, 122,000 sq ft site in Gloucester is let to the Scottish garden centre operator, which is an existing tenant of the trust.

Together, the Aldi and Dobbies deals totalled £24m with the acquisitions completed off-market.

Towards the end of March, an Asda store in Glasgow was among a string of grocery sector assets acquired by LXi REIT for a total of £85m.

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Glasgow supermarket next to Ibrox stadium bought as part of £24m property deal
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