Far from being in the doldrums, Bristol is attractive enough to pull in a major investment dealfrom a European fund. Aerium, the European fund manager, has paid the Administrators, PWC, £83 million for One Glass Wharf, Temple Quay. The property, completed in 2010 is a sizeable 20,083 sq.metres (216,172 sq.ft.) of prime offices on five floors and is 81% let to the law firm Burgess Salmon for 20 years. Provide the top quality buildings, and investors will buy.
The empty space is subject to a seller’s guarantee of over 5 years. Now DTZ and Alder King will market this space. FranckRuimy of Aerium said: “This is a significant purchase outside the central London market of a very high quality, trophy asset. All core UK business markets are beginning to show a reduction in the supply of prime stock coming onto the market, which still further supports the underlying demand for space in this type of asset and therefore steady rents.” The fund is backed by Middle Eastern investors.
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