HANOVER House in Glasgow city centre has been acquired for £5 million in a joint venture between Ambassador Group and ICG-Longbow.
The deal is the fifth Ambassador’s commercial division has been involved in to date, and takes its total investment in commercial property to £100m in the last year. ICB Longbow has provided debt and equity funding to facilitate the deal, while Ambassador will run the building as its asset manager, in addition to investing in the property. Glasgow-based Ambassador, whose residential arm is developing the £50m Park Quadrant Residences project in the city’s west end, said it is eyeing further deals in partnership with ICG-Longbow.
Chris Richardson, investment director at Ambassador Group, said: “We are proud to announce the acquisition of Hanover House in Glasgow city centre which, together with four other transactions over the past year, takes our portfolio to £100m – this figure includes significant capex on RWF House and Granite House.”
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“Looking forward to 2018, we are excited to continue to work with ICG-Longbow on growing the JV portfolio across Scotland and the UK.”