LONDON, 10 March 2016 – CBRE Global Investors, on behalf of its client, has acquired 2 College Square in Bristol from M&G Real Estate for £22.775 million.
The property is located within the attractive mixed-use Harbourside development in Bristol city centre and comprises a grade A office built in late 2011 totaling 52,728 sq ft. The property is held freehold and is fully let to four tenants providing diversified income with the potential to deliver enhanced performance through lease events and asset management.
The area has emerged as a key business district with occupiers including Lloyds Banking Group, Hargreaves Lansdown, the Environment Agency and Direct Line. Bristol is one of the major regional office markets in the UK and is characterised by a shortage of grade A office supply and continued strong occupier demand providing a positive outlook for rental growth.
Tim Munn, Senior Director, CBRE Global Investors comments: “The purchase of 2 College Square provides our client with a modern, prime multi-let office located within a major regional city centre with income growth potential going forward. This acquisition forms part of our strategy to focus upon high quality investments with sustainable occupational demand to deliver performance through the market cycle.”
James Emans, Associate Director in the investment team at Savills, comments: “This prime asset is well-placed to deliver a strong long term income against the backdrop of extremely constrained supply in Bristol’s office market. We are pleased to have successfully secured the purchase on behalf of our client.”
CBRE Global Investors was represented by Savills. M&G Real Estate was represented by Cushman and Wakefield.
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.