Ardstone Capital has acquired Osborne Clarke’s headquarters in Bristol on behalf of Ardstone UK Regional Office Fund in a deal worth £34.1 million, 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, who were advised by Cushman & Wakefield’s Bristol office, acquired the property from Deka Immobilien, who were resprented by Savills, for £34.1 million. 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 of 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 at 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.”