Maya Capital Acquires Glasgow Office

Maya Capital has completed the acquisition of Guildhall, a high-quality city centre office, in Glasgow for a total consideration of c.£30 million. The investment is Maya Capital’s first since the outbreak of COVID-19, and represents a net initial yield of c.9.5% and a capital value of £207 per square feet.

Guildhall is an almost fully let landmark office building in Glasgow’s city centre totalling 145,390 square feet. The building is situated close to all key public transport hubs and amenities, being a 5-minute walk from Queen Street and Glasgow Central stations, as well as Buchanan Street and George Square.

The acquisition forms part of Maya Capital’s flagship regional UK office strategy, which targets office assets outside London. Total capital deployed by Maya since launch of this strategy is c.£165m. A new investment vehicle launched by Maya in June, which focuses on UK retail assets in need of regeneration sits alongside the flagship strategy. Further transactions are anticipated across the UK in the coming months on both strategies.

David Pralong, Managing Partner of Maya Capital, commented: “We are delighted to acquire this property, in one of the best locations in Glasgow, for what we believe is a good price in these interesting times. This achievement is the result of our stock picking methodology, disciplined approach and expertise in the sector.

“We remain keenly focused on the UK market where we continue to see substantial contrarian investment opportunities in both the office and retail sectors. We expect to acquire further assets in the coming months.”