Property JV sees Scottish commitment reach £100m

A joint venture between Glasgow-based property investor Ambassador Group and specialist investment manager Icglongbow has committed £100 million to the Scottish commercial property market over the past year following its latest deal.

The venture’s most recent acquisition is Hanover House, a vacant office building in Glasgow city centre. Following the £5m deal and the 2017 purchases of RWF House and Granite House, Ambassador LB has now committed more than £60m to office opportunities in the city.

It is now stepping up its investment drive and is targeting “off-market, value-add assets across all sectors in Scotland”.

Chris Richardson, investment director at Ambassador Group, said: “We are proud to announce the acquisition of Hanover House in Glasgow city centre which, together with four other transactions overthepastyear,takesour portfolio to £100m.

“We are excited to continue to work with Icg-longbow on growing the JV portfolio across Scotland.”