Ambassdor LB makes PS5m purchase.
THE PS5M acquisition of Hanover House, a vacant office building in Glasgow city centre, has taken the total capital committed by Ambassador LB to the Scottish market in the past year to PS100m.
Ambassador LB Holdings LLP is a joint venture between privately-owned Glasgow-based property investor Ambassador Group, founded by David Gaffney, and specialist investment manager ICG-Longbow. Hanover House was its fifth investment. ICGLongbow has provided debt and equity funding with Ambassador Group acting as asset manager and committing equity.
Along with the purchases of RWF House and Granite House - one of the largest office acquisitions in Glasgow last year by a UK investor - Ambassador LB has now spent more than PS60m in the city.
It is now stepping up its investment and targeting off-market, value-add assets across all sectors in Scotland. Its current portfolio includes Prudential's largest UK office campus near Stirling.