Pension fund acquires Cardiff office building

Centre 7 at Cardiff Gate International Business Park purchased for £8.5m

Article posted: 20 Oct 2011

Sir Robert McAlpine Limited Staff Pension & Life Assurance Scheme, has acquired office space in Cardiff with the purchase of Centre 7 at Cardiff Gate International Business Park, South Wales from Premier Diversified for £8.5 million representing a net initial yield of 9.25%.

Centre 7 totals just over 51,000 sq ft of office accommodation occupying the most prominent position at the entrance into Cardiff Gate International Business Park, the building is let to Lloyds Banking Group.

Ross Griffin, Associate at Savills Cardiff which represented the pension fund, commented: “Centre 7 proved a strategic off market investment opportunity for the fund which was able to acquire the most prominent building on the Park for an attractive yield giving them good long term opportunities with the building.”

Andrew Bolt, Investment Advisor to the pension fund, commented: “With the property being well located on Wales’ foremost Business Park and let to a strong covenant, it is an ideal long term asset for the fund. Similar assets have been hard to secure, so we were pleased to acquire this off market."

Premier Diversified was represented by Lewis and Partners.

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Posted by Jo