Trinova Real Estate has completed the acquisition of the Spectrum Building in Glasgow on behalf of Futureal Group, a leading real estate developer and investor in Central and Eastern Europe. The transaction marks a significant milestone in Futureal’s expansion into Western Europe.
Situated in the heart of Glasgow’s central business district on the corner of Blythswood Street and Waterloo Street, the stainless-steel clad Spectrum Building offers over 6,800 sqm of office and retail accommodation. The offices are occupied by tenants such as Arthur J Gallagher, Hays Recruitment, Hogg Robinson and Resolvecall. The retail units are let to Subway and Bright Horizons Nursery.
The Spectrum Building’s location provides easy access to a wide selection of amenities including restaurants, bars, coffee shops and hotels. The property is well served by Glasgow's main transport hubs, with major rail and metro links within a short walk, while multiple bus services operate nearby.
“We are delighted to have acquired Spectrum on behalf of Futureal in our first deal together in this partnership – in particular we are looking forward to executing an exciting business plan with Futureal on their first UK office asset. The fundamentals of the Glasgow market are particularly attractive and supportive of the business plan, and we are looking to reposition the asset to capture a number of opportunities,” said Sam Resouly, Partner at Trinova Real Estate.
The purchase of Spectrum Building represents the first direct acquisition in the UK for Futureal. The company is continuously looking to expand their portfolio across Western Europe, and since the beginning of its operations, the group’s portfolio has grown to more than 100 projects with a total value of €3 billion and an area of over 2 million square metres. Futureal has already gained a strong presence in Central and Eastern Europe, especially on the Hungarian and Polish markets, with further activities in Spain, Germany, Romania and the United States.
“As part of our latest strategy, we intend to acquire further income-producing properties in major cities with a focus on asset repositioning. In addition to securing value-add projects like the Spectrum Building in Glasgow or the recently purchased Antares office building in Warsaw, Futureal Group is now also sourcing new opportunities outside of its traditional Central and Eastern European markets for the group’s commercial and residential investment and development businesses,” added Gábor Futó, founder of Futureal Group.
CBRE advised Futureal and Trinova, JLL acted on behalf of the vendor.
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