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.
3 Oct 2019
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.
Matt Jarvis, Senior Fund Manager of the UK Property Fund: "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."