Praxis, one of the UK’s most active real estate investors, has completed the sale of a trophy retail asset on Glasgow’s Argyle Street to Remake, a French SCPI. The asset was sold for £9 million, reflecting a net initial yield of 7%.
The unit is a flagship store leased to global fashion retailer Uniqlo on a 10-year term. The sale follows the tenant’s successful store opening last month. Praxis acquired the unit as part of their purchase of the St Enoch shopping centre in May this year.
Ilan Goldman, Director at Praxis, commented:
“This sale caps a successful start to our business plan at St Enoch with 60,000 sq ft of retail and leisure deals having been completed since acquisition and a further 16,000 sq in solicitors’ hands. Footfall is up this year by a further 13% and we expect customer numbers to continue to grow with the store openings in the pipeline for 2026”
Knight Frank acted for Praxis and JLL acted for Remake.
