Alpha Real Capital has bought the 154,000sqft Temple Quay House office building in Bristol for £73.4m (€80.4m).
The specialist manager of long income real assets said Temple Quay House is let to the Secretary of State, Communities and Local Government (UK Government) for over 18 years.
The UK Government has occupied the property since it was built in 2001 and extension to the lease to 2037 has been signed recently.
Alpha acquired the property for one of its long-lease property funds.
Phillip Rose, CEO, Alpha Real Capital said: “Alpha focuses on acquiring long-lease properties and freehold ground rents across a diverse range of sectors. Our focus is on secure income backed by real assets.
”The length of the UK Government’s lease, approaching two decades, the strength of the Government’s commitment to the building together with the significant under-renting of the building and 5% reversionary yield strongly underpin the property’s income security.”
