Moorfield has sold Atlantic Quay 1, a recently refurbished Grade A office comprising 121,737 sq ft in Glasgow, for £55m on behalf of MREFIII to Bank of London and the Middle East.
The entire Atlantic Quay area comprises a unique office complex in Glasgow’s financial district that fronts the River Clyde and is just a short walk from Glasgow’s main shopping, leisure and entertainment districts that is accessible to all major road, rail, air and bus links.
We acquired Atlantic Quay 1, 2 and 3 on behalf of MREFIII in September 2015 for c.£60m. Atlantic Quay 3 was let following a refurbishment to the Scottish Courts and Tribunal Services and subsequently sold to Legal and General for £50m. Atlantic Quay 1 was also refurbished and primarily let to the Department of Work and Pensions, who now occupy 85% of the building. We will now continue to work on fulfilling the potential of Atlantic Quay 2.
Moorfield has partnered with Resonance Capital to manage the three buildings.
Moorfield is now investing MREFIV, our latest fund that is targeting (i) build to rent (BTR), (ii) student accommodation, (iii) last-mile logistics, (iv) mixed-use opportunities, and (v) infrastructure-led special situations. We will continue to look for new opportunities to reposition assets through active asset management.