Lothbury Investment Management has sold a shop and office building in Buchanan Street for £31 million to Pontegadea, the property investment firm owned by Spanish retail billionaire and Zara owner, Amancio Ortega.

The retail and office holding at 78-90 Buchanan Street and 9-17 Exchange Place, Glasgow, is currently fully occupied and let to Vodafone, Lush and Starbucks on the ground floor.

The first, second and third floors are occupied by firms including Building Design Partnerships, BNP Paribas Real Estate and Drum Property Group.

Read more: Investors target Glasgow office market

Mike Toft, senior fund manager and executive director of Lothbury Investment Management, said: “Buchanan Street has been one of Lothbury Property Trust’s top performing assets since we purchased it in 2013, as a result of repositioning the property after a number of asset management initiatives.

“The building was purchased from out of administration for £17.42 million."

He said: “The disposal is in line with our strategy of selectively reducing the fund’s exposure to high street retail.”