PLANNING CONSENT GRANTED FOR ABSTRACT SECURITIES' 'ST VINCENT PLAZA', GLASGOW

Abstract (Glasgow) Ltd – a wholly-owned subsidiary of Mark Glatman’s Abstract Securities Ltd – has announced that planning consent has been granted for its speculative 170,000 sq. ft. 'St Vincent Plaza' development for Glasgow City Centre.

This 'Grade A' building will offer a specification rarely seen outside Central London and will comprise basement, ground and ten upper floors together with 78 car parking spaces. The development is likely to be one of the only speculative office schemes of its size in the UK and will be priced from just £23 per sq. ft. – a significant discount on current headline rents in the city.

Now that planning consent for this landmark development, located at the gateway to Glasgow's Central Business District, has been granted, site enabling works followed by full construction will start in the next few weeks. The scheme will complete towards the end of 2013.

Just minutes' walk from both Charing Cross and Anderston train stations, St Vincent Plaza will also offer immediate access to the M8 as well as several bus routes and is within easy walking distance from Glasgow's main retail and leisure zones.

Abstract’s Development Director, Christopher McPherson, said: "We are very pleased to announce that we now have planning consent for St Vincent Plaza and can realise our vision of creating an extremely high 'Grade A' specification development in Glasgow's International Financial Services District. Our scheme will be one of the key elements in the next phase of the IFSD and will help to attract high-profile occupiers to the city, which in turns means more local employment and growth for Glasgow.”

Mark Glatman, Chief Executive of Abstract Securities, said: “Glasgow City Council has recognised that in order to attract yet more big-name corporates to the city, it is imperative that Glasgow can offer high-quality 'Grade A' office accommodation at an achievable cost. St Vincent Plaza is all about offering value at a time when occupiers have to keep a very close eye on the bottom line and cannot justify heavy costs. By coming to the market with a top-quality product and quoting rentals from £23 per sq. ft. we are significantly undercutting the established Glasgow market and offering exceptional value for money as well as significantly reduced operational costs. We are offering a very rare opportunity to take 'Grade A' space that costs less than some second hand space in Glasgow.”

Councillor Gordon Matheson, Leader of Glasgow City Council said:“The creation of St Vincent Plaza is another sign that private investors and developers retain a lot of confidence in Glasgow, and will be a welcome addition to our high-quality office accommodation. The confidence that firms aiming to use Grade A business space will find this an attractive location shows private investors’ faith in the city and points to Glasgow’s economic wellbeing. I wish all those involved in the project every success.”

St Vincent Plaza will offer flexible, virtually column free floorplates of 17,000 sq ft, a feature penthouse level with terrace, and some of the best views in the City. The building is designed to a BREEAM ‘Excellent’ standard and an EPC 'B' plus rating. It will provide the most efficient and environmentally friendly office accommodation in the city and will be delivered into a market where available ‘Grade A’ supply has all but disappeared.

The scheme has been designed by Glasgow-based Keppie Design. Bowmer & Kirkland have been appointed as the contractor. CB Richard Ellis has been appointed to market St Vincent Plaza with a second agent to be appointed duly.

CGI shows: St Vincent Plaza, which will be built at 303 St Vincent Street by Abstract (Glasgow) Ltd. Please visit www.stvincentplaza.com

For media information, please contact Pauline Gregory on 07833 490964 or Pauline@skylarkpublicrelations.com or Lisa Mennie 07825 225 414

lisa@skylarkpublicrelations.com

ABSTRACT SECURITIES TO BUILD 170,000 SQ. FT. OF 'GRADE A' OFFICE SPACE ON GLASGOW'S ST VINCENT STREET

Abstract (Glasgow) Ltd – a wholly-owned subsidiary of Mark Glatman’s Abstract Securities Ltd – has announced that it has exchanged missives to acquire a site at 303 St Vincent Street, Glasgow, on which it will speculatively build 170,000 sq. ft. of 'Grade A' office space, priced from £23 per sq. ft. (a significant discount to headline rents in Glasgow).

The building – provisionally known as St Vincent Plaza – will offer a specification rarely seen outside Central London and will comprise basement, ground and ten upper floors together with 78 car parking spaces. The development is likely to be one of the only speculative office schemes of its size in the UK.

A detailed planning application for this landmark development, located at the gateway to Glasgow's Central Business District, is being submitted today following extensive discussions with Glasgow City Council and construction will commence in Spring 2012. Completion of the scheme will be in the third quarter of 2013, ahead of Glasgow's Commonwealth Games. Just minutes' walk from both Charing Cross and Anderston train stations, St Vincent Plaza will also offer immediate access to the M8 as well as several bus routes and is within easy walking distance from Glasgow's main retail and leisure zones.

Abstract’s Development Director, Christopher McPherson, said: "St Vincent Plaza has been designed with an extremely high 'Grade A' specification, including, flexible, virtually column free floorplates of 17,000 sq ft, a feature penthouse level with terrace, and some of the best views in the City. The

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building is designed to a BREEAM ‘Excellent’ standard and an EPC 'B' plus rating. It will provide the most efficient and environmentally friendly office accommodation in the city and will be delivered into a market where available ‘Grade A’ supply has all but disappeared."

Mark Glatman, Chief Executive of Abstract Securities, said: “We have exchanged missives to purchase a key site in Glasgow City Centre, on which we will speculatively build 170,000 sq ft of office space with a specification only usually found in central London.

“With Abstract, quality and environmental performance is a given, but this scheme is all about value at a time when corporate occupiers have to have a close eye on the bottom line and cannot justify

heavy costs. With tight design and procurement we are able to bring this building to the market quoting rentals from £23 per sq ft very deliberately and significantly undercutting the established Glasgow market. Furthermore, it is likely that an occupier of this building will have total occupational costs significantly lower than some second hand space in the Central Business District. Before selecting this site we reviewed all the major central development opportunities in the City and this was the only one where it was feasible to deliver a top quality building at such a competitive price.”

“Glasgow has changed considerably in the last few years to become a cosmopolitan city with a great workforce and a high standard of living. It has a strong pool of graduates and a proactive business

environment, with funding initiatives such as RSA grants making it a very attractive business location. We have absolute confidence that our product is in the right place, at the right time and at the right cost. To begin the process of realising our vision we will start site enabling works in the next few weeks to enable construction of the new building to start in early 2012.”

St Vincent Plaza has been designed by Glasgow-based Keppie Design. Bowmer & Kirkland have been appointed as the contractor. CB Richard Ellis has been appointed to market the space with a joint agent to be announced imminently.

CGI shows: St Vincent Plaza, which will be built at 303 St Vincent Street by Abstract (Glasgow) Ltd -Ends-

For media information, please contact Lisa Mennie at Skylark PR on 07825 225 414 /

lisa@skylarkpublicrelations.com

BOILERHOUSE COMPLETES AT SOAPWORKS

The Carlyle Group, together with its joint venture partners Nikal and Abstract Securities, has completed the first phase of Soapworks, the former Colgate-Palmolive site in Salford.

The Boilerhouse comprises 20,000 sq ft of Grade A office space over four floors offering brand new contemporary office space within the building’s historic fabric. The office building also boasts a spacious glass atrium, complete with an exterior balcony on the top floor, which offers unbeatable views over Manchester and Salford Quays.

Ben Du Boulay, director at The Carlyle Group, said: “We are very pleased to have completed the first phase of redevelopment at Soapworks. The Boilerhouse offers occupiers high quality contemporary office accommodation in a great location, only about 5 minutes from the centre of Manchester.”

The Boilerhouse is just the first phase of the wider Soapworks redevelopment, which upon completion of the entire scheme will boast more than 400,000 sq ft of office, retail and leisure space, 1200 onsite car parking spaces and will be one of the most diverse commercial offerings within Salford Quays.

www.soapworks.com