LONDON 30 March, 2016 – Ardstone Capital have acquired Osborne Clarke’s headquarters in Bristol on behalf of Ardstone UK Regional Office Fund, a programmatic venture operated on behalf of clients of CBRE Global Investment Partners (GIP).
The property, fronting Temple Way in the heart of the Temple Quarter, is the second acquisition in Bristol within six months for the fund, following the acquisition of 90 Victoria Street in the fourth quarter of 2015.
Ardstone have acquired the property from Deka Immobilien for £34.1million. The 87,500 sq ft Grade A office building is let to Osborne Clarke on a 20 year lease expiring in 2022.
Craig McDonald, Managing Director, Ardstone Capital, said, “We are delighted to have completed our second acquisition in Bristol which is a city that the fund has sought some exposure to for some time. The asset is of undoubted quality in a location set to continue to improve and let to an excellent tenant that we look forward to working with.”
Alex Bignell, Head of UK, CBRE Global Investment Partners, said, “The acquisition adds a further high quality asset to the Ardstone portfolio in one of our target regional office markets. We are also very pleased to have recycled the proceeds from our recent sale of Citymark, Edinburgh so efficiently.”
Cushman & Wakefield Bristol office advised Ardstone Capital on the acquisition and Savills advised Deka Immobilien.
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About CBRE Global Investment Partners
CBRE Global Investment Partners is the independent division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives by constructing portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy. Investments cover the risk spectrum from core to enhanced, can be global or regional in nature, and use a variety of investment vehicles based on clients’ preferences. GIP has $13.6 billion in assets under management* as of December 31, 2015. CBRE Global Investment Partners’ AUM includes investments in programs managed by the direct side of CBRE Global Investors. CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
Ardstone Capital is an independently owned property investment manager entirely focused on UK and European real estate. Ardstone act on behalf of a select number of clients and funds that value excellent asset management and clear objectives. Ardstone Capital’s approach to investment combines a well-established programme of opportunity sourcing with strong research and analysis and an excellent record of asset management.
Ardstone Capital primarily targets commercial assets in robust regional markets with a focus on location, specification and a strong tenant offer and currently manages over £500m of assets in the UK, Ireland and mainland Europe.