Investor in Scots debut with Glasgow lease deal

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.

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

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.”