Credit Suisse buys Aurora building for CS Euroreal

24 Aug 2007

Sunday Herald, by Lianne Gutcher

GLASGOW'S LANDMARK Aurora building at 120 Bothwell Street has been bought by fund manager Credit Suisse Asset Management (CSAM) for its open-ended real estate fund CS Euroreal.

Credit Suisse bought the building from Commercial Estates Group for an undisclosed amount. Both firms signed a confidentiality agreement regarding the price. However, the property was marketed at a guide price of £94 million, representing an initial net yield of 4.75%.

Aurora comprises 176,720sqft of grade A office space over nine storeys. It was designed and specified to equal office buildings in the city of London and, when it opened in March 2006, it was the largest speculative office development in Glasgow for half a century.

The property subsequently scooped the accolade of Commercial Development of the Year at the 2007 Scottish Property Awards.

Tenants include Barclays Wealth, which occupies six floors, BNP Paribas, Burness solicitors, Aggreko, Cushman & Wakefield and Knight Frank.

GVA Grimley acted for Credit Suisse while Commercial Estates Group was represented by Jones Lang LaSalle and Ryden.

Ewen White, investment associate at GVA Grimley, said: "Aurora is the undisputed king of office buildings in Glasgow and this deal confirms Credit Suisse's commitment to the city. This transaction also further cements Glasgow's reputation as one of the most prominent office locations in the UK investment market."

 

Reproduced with the permission of the Sunday Herald (Glasgow) © Newsquest (Herald & Times) Ltd.

  • Aurora at night