Investor in Scots debut with Glasgow lease deal

FI have taken over the property on Sauchiehall Street. Picture: John Devlin

PROPERTY investor Formal Investments has entered the Scottish market by taking a long lease on a prime building in Glasgow city centre occupied by BHS, Sports Direct and Mountain Warehouse.

The 120,000sq ft of property on Sauchiehall Street and Bath Street is anchored by the department store operator and is valued at some £20 million.

It has been leased to Formal Investments by the property’s new owner Pramerica Real Estate Investors, part of the US-quoted Prudential Financial which has $61.5 billion (£40bn) in assets.

Formal Investments, which is based in Cheltenham, has a 150-year lease.

Director Nicholas King said: “This is our first investment in Scotland and we are delighted with the site’s location, prominence and potential.”