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Rock Capital moves into office sector

Rock Capital is to take advantage of strong demand in the Glasgow office sector with the launch of the City Park Jersey Unit Trust.

The fund has purchased City Park, a 300,000 square foot office building on the edge of Glasgow city centre.

Rock Capital is looking to attract £13m of equity for the fund, which has a minimum investment of £25,000 and is expected to run for approximately seven years. The unit trust is expected to offer private investors a 10.5 per cent per annum total return on investment, including all costs and fees.

City Park has a 17-strong tenant base, with contracted minimum terms for the likes of Dell Corporation, Scottish Gas and the Glasgow Housing Association ranging from three to 14 years.

Open to both pension Sipp/Sass, corporate and personal investment, the fund is Rock Capital’s third vehicle aimed at giving private investors access to direct real estate investment.

Rock Capital property director, Rob Silvester says: “The new fund is an exciting investment opportunity, and we are delighted to offer investors access to the thriving Glasgow office market.

“New office space in Glasgow city centre is in short supply, and there is a limited development pipeline. Prime rents are now £25 per sq ft. City Park, by comparison, offers rents of only £15 per square foot. In a market with low supply, we are confident that City Park has excellent potential for significant rental growth.”

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