Hermes acquires Skypark in Glasgow
Hermes Investment Management has acquired Skypark in Glasgow’s Digital Media Quarter (DMQ), Finnieston.
Skypark is a landmark campus comprising six office buildings and three development sites, and is home to over 4,000 employees. The six office buildings, known as Skypark 1-6, comprises 508,144 sq ft office space, 8,573 sq ft of retail space and 21,530 sq ft of warehouse and ancillary accommodation. It is currently 70 per cent let to 12 tenants, including Capita, V Group, DC Thomson, Axis, Fleet Alliance, Hub West Scotland and Herbert Engineering Corp.
As well as a range of serviced office space and meeting facilities, Skypark has 695 parking spaces, an on-site cafe and the award-winning Four Seasons nursery, while practical services include prescription pick-up and an on-site ATM.
Chris Taylor, Head of Private Markets at Hermes Investment Management, says: “Our long-term investment strategy focuses upon those locations which will benefit from enhanced infrastructure and public realm, and buildings which offer active management potential. Skypark is an attractive high income return asset, which is significantly below replacement cost, and allows us the opportunity to manage and introduce our placemaking experience and initiatives to deliver added value and sustainable, long-term financial returns to our beneficiaries.”
Skypark lies within Glasgow’s DMQ, which is situated on the north bank of the River Clyde and between the city’s West End and the city centre. It is home to the BBC, STV, Capital Radio, Film City Glasgow, Shed Media, Glasgow School of Art’s Digital Design Studio, Glasgow Science Centre as well as a full range of other creative companies. The DMQ is a core element of Scottish Enterprise’s national strategy to strengthen Scotland’s digital media sector and is evolving to become ‘Glasgow’s Media City’.
Resonance Capital acted for Hermes Investment Management, while JLL advised the Vendor.