A MIDDLE Eastern investment group has purchased an A-listed building in Glasgow City Centre.

International Investment Gate (IIG) acquired 158-160 West Regent Street on behalf of one of its private clients for £4.95 million, marking its first deal in Scotland.

The building dates back to the early 1890s and is fully let to architecture practice Keppie Design until 2030,

The 20,000sq ft of office space is spread over what was previously a church and an adjoining institute for educational and social activities.

Dr Mohammed Alswaidan, chief executive of International Investment Gate, said: “We are delighted to have advised and structured the acquisition of this well-known Glasgow city centre office building for one of our private clients.

“The property delivers an attractive income stream until 2030 whilst also offering numerous asset management possibilities to enhance value in the long term. The acquisition is in line with our business model of offering a comprehensive one-stop-shop service to our clients.”

Douglas Binnie, associate at Knight Frank Glasgow, who acted for IIG, added: “The deal underlines the fact that Glasgow continues to attract international investment -– particularly with this acquisition representing IIG’s first deal in Scotland.

“Our research last month showed that, despite the obstacles presented by the pandemic, nearly half of investment in Scottish commercial property came from overseas buyers -– a trend we expect to continue in what could be a busy end to 2021.”