Legal & General's UK property fund acquires Bristol office building
3 Oct 2019
LGIM Real Assets (Legal & General) announces on behalf of its UK Property Fund (“the Fund”) that it has completed the acquisition of Quayside Bristol from DAS and ERGO for £27.75m.
Following the UK Property Fund’s launch in 2006, the Fund has grown from £100m to over £3.2bn today as it continues to see steady capital investment from retail investors.
Quayside is a collection of three office buildings situated on the waterfront in the established office location of Temple Quarter.
The buildings are just a short walk from Temple Meads station, an increasingly important draw to occupiers. 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.
Read the full press release via the link below
This is an excellent buy for the Fund. The Bristol office market is currently undersupplied and has strong rental growth prospects... 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.
Matt Jarvis, Senior Fund Manager of the UK Property Fund