Pan-European property investment manager Tristan Capital has announced that one of its funds has acquired a newly-developed office building for EUR 23 mln. The vendor was Lloyds Bank through administrators Grant Thornton.

The investment was made by Tristan's Curzon Capital Partners III (CCPIII) Fund at a net initial yield of 9%. CCPIII had its first capital raising close in June and is expected to confirm a second close by the end of this month.

The property was originally sold by the developer Taylor Wimpey to the Scots property investment firm Kenmore, which subsequently went into administration. The deal was financed by HBOS, which became part of Lloyds Bank.

The Cuprum Building is located at the west end of Argyle Street close to the M8 motorway and is the latest phase of the Codogan Square development.

The building offers 9,328 m2 of flexible accommodation, with 37 secure car parking spaces. Tristan said Cuprum is one of only two new build Grade-A office in Glasgow that can immediately provide floor plates of over 1,400 m2.

Tristan CEO Ric Lewis said, 'There has been a chronic lack of office development in Glasgow during the last three years, so now it is one of the few UK regional markets beginning to experience a shortage of Grade A space. With little or no further speculative development planned over the next 24 months in a market already showing tightness, we are confident that the Cuprum Building will attract tenants within a short time period.'

The property is being jointly marketed to prospective tenants by agents Jones Lang LaSalle and DTZ.