A collection of three office buildings along Bristol’s waterfront have been sold in a deal worth £27.75 million. Legal & General’s UK Property Fund purchased the Quayside Bristol properties from DAS and ERGO.
This deal follows the recent acquisition of the Iron self-storage portfolio, its landmark self-storage deal as the Fund continues to diversify its holdings and recycle its capital into more operational and alternative assets.
Situated in the established office location of Temple Quarter, the Quayside buildings are just a short walk from Temple Meads station, an increasingly important draw to occupiers.
“This is an excellent buy for the Fund. The Bristol office market is currently undersupplied and has strong rental growth prospects as a result of this undersupply. The building also benefits from flexible floor plates which are in demand in the City. The combination of these strong property fundamentals and good micro-location will make this a strong performing asset for our investors as we refurbish and upgrade them over time. We have recently undertaken a similar exercise at The Landing in Redcliff Quay and have been very pleased with the level of tenant interest for modern, stylish, well connected assets in attractive city centre settings,” commented Matt Jarvis, Senior Fund Manager of the UK Property Fund at Legal & General.