AEW has acquired the former Scottish Stock Exchange building, a prime retail-led asset in Glasgow, on behalf of the AEW Europe City Retail Fund for £33 million ($43 million). The property, which is located at 153–159 Buchanan St. and 6–11 Nelson Mandela Place, is the fund’s first acquisition in the United Kingdom.
“This is one of the best retail assets in Scotland, reflecting our highly selective acquisition strategy in the United Kingdom,” said Spencer Corkin, director of investments at AEW. “Buchanan Street is second only to London’s West End in terms of footfall and retail spend, yet it provides a significant prime yield margin. The micro location’s fundamentals remain particularly attractive, with almost zero availability and robust occupier demand driving strong rental growth in recent years.”
The Category A listed landmark property comprises 57,190 square feet in total and provides 24,920 square feet of retail space and 22,704 square feet of of
