Shelborn Asset Management, on behalf of clients, has purchased Maxim Office Park for £38 million from an affiliate of Cerberus Capital Management, L.P. (Cerberus). The park, on the outskirts of Glasgow, comprises 756,000 sq ft of offices across ten buildings arranged around a central landscaped zone with a further nine acres of development land.
Tenants include SEPA (Scottish Environment Protection Agency), Regus, Balfour Beattie, Lamellar Biomedical and TC Biopharm, amongst others.
Brian Rabinowitz, Director, Shelborn Asset Management, said: “We are excited to be involved in Maxim Park and see it as the number one destination for any occupiers looking outside Glasgow. We acquired the property for off-shore investors and this continues our strategy of pursuing opportunities which offer the potential of added value. The park presents extremely well and there are many existing happy tenants, so we look forward to securing further letting success over the next few years.
“This is our second acquisition in Scotland this year, following the purchase of Caledonian House in Dundee. We believe the Scotland office market offers good opportunities at the moment, with the potential for further growth and development.”
John Rae, Head of Knight Frank Glasgow commented: “We are delighted to act on behalf of Shelborn Asset Management and continue our long-term involvement with the asset. Maxim offers a fantastic environment for office occupiers and by building on the recent letting activity we are confident that it will cement its position as the premier out-of-town office destination in Scotland’s Central Belt.”
David Davidson, Partner at Cushman & Wakefield, said: “The improvements to the M8 Motorway which completed in December last year have transformed the letting prospects for Maxim, so we were confident that new investors to the market would see the upside potential in this investment.”
Broadoak Asset Management more than doubled occupation at Maxim since it took over as asset manager in 2015, with 15 new tenants arriving and the largest Glasgow non-core office lettings of both 2017 and 2018. Craig Ritchie of Broadoak said: “Maxim has had a great run of leasing success over the last 24 months, so timing was good to capture the increase in value and execute a successful exit.”
Knight Frank acted for Shelborn Asset Management and Cushman & Wakefield acted for Cerberus.
Shelborn Asset Management acquired Caledonian House in Dundee from Charles Street for £5 million in April 2018. The office building, situated next to Dundee’s main train station in the heart of the city, comprises of 65,000 sq ft and is fully let to the HMRC.