Thursday, May 11, 2023
F&C; buys Edinburgh and Bristol offices for £56.35m
F&C; Property Asset Management, on behalf of Friends Provident Life Insurance Limited Commercial Fund, has acquired two prime UK regional office buildings for a total of £56.35m.
F&C; has acquired Edinburgh 1, 60 Morrison Street, Edinburgh from Matrix Securities for £29.75m, reflecting a net initial yield of 5.15%. The 50,000 sq ft (4,645 sq m) office building is let to Scottish Widows plc at a rent of £29 per sq ft (£312 per sq m), on a lease expiring in 2021. Edinburgh 1 is opposite Scottish Widows' national HQ building.
Templepoint, Redcliffe Way, Bristol has been purchased from UK & European Investments Ltd for £26.6m, reflecting a net initial yield of 5.18%. The 50,000 sq ft (4,645 sq m) office building is let to Orange at a rent of £19 per sq ft (£205 per sq m) on a lease expiring in 2021.
Daniel Plummer, F&C; Property's Head of Regional Offices, comments: "While demand for city centre office space remains strong, there are relatively limited levels of new accommodation coming through in key locations. Both Edinburgh 1 and Templepoint Bristol fulfil our requirement for well let, prime offices in major UK cities and we expect these buildings to be important long term assets for the FPLAL Commercial Fund."
CBRE acted for F&C; Property on the purchase of Edinburgh 1. King Sturge advised F&C; Property on the purchase of Templepoint, Bristol. Hartnell Taylor Cook advised the vendor on the purchase of Templepoint.
F&C; has acquired Edinburgh 1, 60 Morrison Street, Edinburgh from Matrix Securities for £29.75m, reflecting a net initial yield of 5.15%. The 50,000 sq ft (4,645 sq m) office building is let to Scottish Widows plc at a rent of £29 per sq ft (£312 per sq m), on a lease expiring in 2021. Edinburgh 1 is opposite Scottish Widows' national HQ building.
Templepoint, Redcliffe Way, Bristol has been purchased from UK & European Investments Ltd for £26.6m, reflecting a net initial yield of 5.18%. The 50,000 sq ft (4,645 sq m) office building is let to Orange at a rent of £19 per sq ft (£205 per sq m) on a lease expiring in 2021.
Daniel Plummer, F&C; Property's Head of Regional Offices, comments: "While demand for city centre office space remains strong, there are relatively limited levels of new accommodation coming through in key locations. Both Edinburgh 1 and Templepoint Bristol fulfil our requirement for well let, prime offices in major UK cities and we expect these buildings to be important long term assets for the FPLAL Commercial Fund."
CBRE acted for F&C; Property on the purchase of Edinburgh 1. King Sturge advised F&C; Property on the purchase of Templepoint, Bristol. Hartnell Taylor Cook advised the vendor on the purchase of Templepoint.
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