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Praxis, a privately owned investor and manager of commercial real estate, has completed the sale of a flagship Uniqlo store on Glasgow’s Argyle Street for £9m, marking an early disposal following its acquisition of the St Enoch shopping centre.
The buyer was Remake, a French SCPI investment vehicle. The transaction reflects a net initial yield of 7%.
The property comprises a trophy retail unit leased to the fashion retailer Uniqlo on a 10-year lease. The sale follows the opening of the store last month.
Praxis acquired the unit as part of its purchase of the St Enoch shopping centre in May.
Knight Frank acted for Praxis on the sale, while JLL advised Remake.
Ilan Goldman, director of Praxis, said: “The disposal formed part of the group’s wider strategy for the centre. 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.”
