HF Developments Group to Expand City Centre Portfolio

Scotland's leading provider of serviced and managed office accommodation, HF Developments Group, has continued its expansion into the Glasgow market by securing an off-market deal on the Westergate building in Argyle Street.

Under the terms of the agreement, HFD has committed to purchase the 96,500 sq ft, seven storey building, located on the corner of Argyle Street / Hope Street, from Marcol Group Ltd in 2011.

The deal signals the further expansion of HFD Group into the Glasgow market. In addition to owning and managing two of the country's leading business parks, Strathclyde Business Park and Hamilton International Park, the group entered the Glasgow market in 2005 with the purchase of the iconic GPO building in George Square.

G1 Glasgow will provide the City with it's most prestigious office space when it is completed in January 2009. The redevelopment of the 132 year-old former GPO building will also feature a four-storey glass roof extension providing panoramic views over the Glasgow skyline, whilst retaining its A-listed Victorian façade.

William Hill, Managing Director of HFD Group, said: "The past year has been exceptionally busy for us with a total of seven developments commencing across our existing portfolio. Furthermore, with the successful completion of negotiations to buy out our JV partners it has clearly been an eventful year.

"We immediately recognised the potential of Westergate and I am pleased to have contracted to purchase the building in 2011. Westergate is situated in an area that is experiencing continued regeneration and investment, and we look forward to contributing to the resurgence of the area by providing high quality and flexible office accommodation to suit all needs."

"The purchase of Westergate does not end our commitment to Glasgow, and we are actively seeking opportunities in the centre of Glasgow for further office developments."

Ends

Notes to Editors: HFD Group

Founded in 1989 by William Hill, HF Developments has developed over two million sq ft of office, call centre and leisure accommodation throughout the central belt of Scotland. Firmly established as Scotland's leading provider of serviced and managed office accommodation, with over 275,000 sq ft of office space, HF owns and manages two of the country's premier business parks, Strathclyde Business Park and Hamilton International Park. It is currently developing 127 sq ft of office accommodation at G1 Glasgow in George Square, the city centre's most prestigious forthcoming office development.

HF has an investment portfolio currently worth in excess of £100 million - a figure which is expected to double by 2009.