One of biggest transactions this year
Atlantic Quay sold in £60 million office deal
A consortium of investors have paid £60m for the three buildings which house thousands of workers for some of the biggest employers in Scotland.
Moorfield Real Estate Fund III , Moorfield Group and Glasgow based joint venture partner Resonance Capital have taken ownership from M&G Real Estate.
The purchase is MREF III’s third major acquisition in Scotland in the last two years, following its acquisition of Aberdeen Energy and Innovation Parks and Quartermile in Edinburgh.
Buildings 1, 2 and 3 Atlantic Quay comprise 280,000 sq ft of high quality modern office space built to a Grade A specification.
Currently producing a rent roll of £5.5m from a range of occupiers, MREF III paid £60.7m, reflecting an initial yield of 8.54%.
Marc Gilbard, chief executive at Moorfield, said: “Atlantic Quay provides us with a significant City Centre office complex at the heart of Glasgow’s International Financial Services District. The modern buildings offer a range of refurbishment, improvement and re-letting opportunities that we will work on together with our joint venture partner, Resonance Capital.”
Angela Higgins of Resonance Capital said: “We are delighted to announce that we will be moving on site in a matter of weeks. The evolution of Atlantic Quay is now underway and we aim to realise the complexes full potential as a destination waterfront location.”
Ryden and Resonance Capital advised MREF III and Savills advised M&G Real Estate.
Photo: Buildings 1, 2 and 3 Atlantic Quay, Glasgow