On behalf of the Moorfield Real Estate Fund III (MREF III), Moorfield Group (Moorfield) and Glasgow based joint venture partner Resonance Capital, announce the purchase of Buildings 1, 2 and 3 Atlantic Quay, in Glasgow City Centre from M&G Real Estate.
The purchase is MREF III’s third major acquisition in Scotland in the last two years, following on from the purchases 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%. Atlantic Quay is a unique office complex that fronts the River Clyde. It is just a short walk from Glasgow’s main shopping, leisure and entertainment districts and accessible to all major road, rail, air and bus links.
Marc Gilbard, Chief Executive Officer, 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.
Image shows external view of Buildings 1, 2 and 3 Atlantic Quay, Glasgow.