Starwood Capital Group Acquires St. Vincent Plaza Office Development In Glasgow

The 12 storey BREEAM excellent EPC A office building which comprises 172,307 sq ft is multi let to a range of occupiers including KPMG, Whyte and Mackay, Scottish Ministers, Mott Macdonald, Wood Group and Zurich Insurance.

The building was completed in late 2015 and is located in a prominent position on St Vincent Street opposite the new HQ for Scottish Power. There are strong levels of interest in the two remaining floors.  

Mark Glatman, Chief Executive of Abstract commented: "St Vincent Plaza is the third of our 'Uncompromising Value' series of office buildings and it is always satisfying to see the outcome of a good project.  We are delighted that Starwood has recognised the quality of this building and the strong and diverse income stream we have created from the fantastic range of tenants who have been attracted to the property.''

Christopher McPherson, Development Director added: "We have been working on this project for a number of years and it is great to see the stewardship of the property move to the next stage. The remaining floors in the building are the best new office space left in Glasgow and with no new development likely to come on stream for at least 2 or 3 years we are confident that it will fully let up soon.''

James Fogarty, Vice President for Starwood Capital Group said: "We are excited about the acquisition of St Vincent Plaza which is the first European acquisition for our recently established vehicle focussed on Value Add opportunities. St Vincent Plaza is a well-designed, high quality asset in a strong location with good transportation links – all of which has helped to deliver the very strong tenant roster. Glasgow has very limited Grade A vacancy, almost no new supply, and will continue to be a strong occupational market for the right asset."

Lambert Smith Hampton and CMS acted as financial advisors to Starwood Capital Group.  Pinsent Masons acted for the shareholders of Abstract (Glasgow) Limited.

Notes to editor:
Over the past 5 years Abstract has built or has under construction over 1 million sq.ft. of net lettable offices across the UK, together with a major office refurbishment of 250,000 sq.ft. making it one of the country's largest regional developers. The Group undertakes development as a principal speculatively and for end users. Abstract also acts as a development manager under design and build arrangements and in joint venture partnerships.

Abstract has gained a strong reputation for delivering award winning schemes, including its new range of "uncompromising value" offices.  These buildings deliver high specification, Grade A space with top environmental credentials (BREEAM Excellent and EPC 'A' rated) with a tight design and procurement process, offering occupiers the best value and cost per workstation of any modern offices in their local market.

Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 10 offices in four countries around the world, and currently have more than 3,400 employees. Starwood Capital Group has raised over $42 billion of equity capital since its inception in 1991, and currently manages more than $54 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 26 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com

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