Cala Properties and Bank of Scotland Corporate have formed a joint venture to buy the majority of Taylor Woodrow’s Scottish commercial property portfolio.
The acquisition, for an undisclosed price, will give the joint venture an additional £125m of development projects in Scotland, which they plan to start work on early next year.
The sites being sold by Taylor Woodrow comprise three business parks totalling about 50 acres (20 ha) at Almondvale in Livingston and at Peel Park and Phillipshill in East Kilbride. Two new office buildings at Phillipshill, which are ready for immediate occupation and total 50,000 sq ft (4,645 sq m), were included in the sale.
Alasdair MacConnell, managing director of Cala Properties, said: ‘We are an ambitious company and the sites offer great potential because of their location. They fit perfectly with our strategy of building a diverse commercial property portfolio throughout the UK.’
DTZ acted for Cala Properties.