LGIM Real Assets (Legal & General), on behalf of its UK Property Fund, has acquired The Quayside Bristol, a collection of three office buildings situated on the waterfront in the established office location of Temple Quarter in Bristol, from DAS and ERGO for £27.75 million.
Bristol office 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,” said Matt Jarvis, Senior Fund Manager of the UK Property Fund at Legal & General.