Legal & General has
purchased three office investment properties in Bristol city centre for £27.7m, it is
The company has bought the blocks on Temple Quay – North Quay House, South Quay House and DAS House – from insurance companies DAS and ERGO. The current tenants include DAS Insurance, DAS Legal and Unite Integrated Solutions paying a total annual rent around £1.8m.
Matt Jarvis, senior fund
manager of the UK Property Fund at Legal & General, said: “This is an
excellent buy for the fund. The Bristol
office market is currently under-supplied and has strong rental growth
prospects as a result of this undersupply.
“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.”
Although sometimes overlooked compared to regional cities like Birmingham and Manchester Bristol exhibits all the signs of a buoyant market – high demand and limited supply. So this acquisition does indeed look to be a very shrewd move.