Cerberus has sold Maxim Office Park near Glasgow for £38m to Shelborn Asset Management.
The 756,000 sq ft office campus, which was its first UK investment, comprises 10 buildings.
It has been one of the UK’s most notorious problem assets since it was speculatively developed in one phase as part of an enterprise zone initiative and was close to falling into receivership prior to it being bought by the private equity firm in 2011 for around £30m.
Cerberus has sold Maxim Office Park near Glasgow for £38m to Shelborn Asset Management.
The 756,000 sq ft office campus, which was its first UK investment, comprises 10 buildings.
It has been one of the UK’s most notorious problem assets since it was speculatively developed in one phase as part of an enterprise zone initiative and was close to falling into receivership prior to it being bought by the private equity firm in 2011 for around £30m.
The vacancy rate on the park remains around 66%. Cerberus recouped some of its investment through the sale of adjoining industrial buildings in 2014.
Tenants include the Scottish Environment Protection Agency, Regus, Balfour Beattie, Lamellar Biomedical and TC Biopharm.
Broadoak Asset Management was appointed asset manager of Maxim in 2015 and restructured the management team, reduced holding costs and completed 15 new deals totalling 144,415 sq ft.
South African-backed Shelborn has been active in the regional markets in recent months, with acquisitions including the 65,000 sq ft Caledonian House in Dundee from Charles Street for £5m in April, which is let to HMRC.
Brian Rabinowitz, director at Shelborn, said: “We are excited to be involved in Maxim Park and see it as the number one destination for any occupiers looking outside Glasgow.
“We acquired the property for off-shore investors and this continues our strategy of pursuing opportunities which offer the potential of added value.
“The park presents extremely well and there are many existing happy tenants, so we look forward to securing further letting success over the next few years.
“We believe the Scotland office market offers good opportunities at the moment, with the potential for further growth and development.”
Knight Frank acted for Shelborn and Cushman & Wakefield acted for Cerberus.
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