Futureal acquires first U.K. office asset
Trinova Real Estate has completed the acquisition of the Spectrum Building in Glasgow on behalf of Futureal Group, a leading CEE real estate developer and investor, marking a significant milestone in the groupʼs expansion into Western Europe, according to a press release sent to the Budapest Business Journal.
Located in the Scottish city’s central business district on the corner of Blythswood Street and Waterloo Street, the stainless-steel clad Spectrum Building offers more than 6,800 sqm of office and retail space.
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 building’s location provides easy access to restaurants, bars, coffee shops, and hotels, alongside other amenities. The property is connected to Glasgowʼs main transport hubs, with major rail and metro links within walking distance. In addition, multiple bus services operate in the vicinity.
“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 U.K. office asset," says Sam Resouly, partner at Trinova Real Estate. "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."
The purchase of Spectrum Building represents the first direct acquisition in the U.K. for Futureal, the company says. Continuously looking to expand their portfolio across Western Europe, the group’s portfolio has grown to more than 100 projects with a total value of EUR 3 billion and an area of more than 2 million sqm since the commencement of operations.
Futureal already has an established presence in the CEE region, especially in the Hungarian and Polish markets, with further international activities in Spain, Germany, Romania, and the United States.
Gábor Futó, founder of Futureal Group, says, "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."
CBRE advised Futureal and Trinova, with JLL acting on behalf of the vendor, according to the press release.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.