Moorfield has invested £60.7m (€82.5m) in Scotland for its third real estate fund.
The investment manager, which runs private equity-style real estate funds, said it invested in three adjoining office assets in Glasgow for its UK-focused opportunistic/value-added Real Estate Fund III in a joint venture with Glasgow-based Resonance Capital.
The 1, 2 and 3 Atlantic Quay properties were sold by M&G Real Estate at a 8.54% yield.
Marc Gilbard, Moorfield chief executive, said: “Atlantic Quay provides us with a significant city centre office complex at the heart of Glasgow’s International Financial Services District.
“The modern buildings offer a range of refurbishment, improvement and re-letting opportunities we will work on together with our joint venture partner, Resonance Capital.”
The properties include 280,000 sq ft of office space and currently produce a £5.5m rent roll.
The purchase is the fund’s third in Scotland in the last two years, having bought the Aberdeen Energy and Innovation Parks and Quartermile in Edinburgh.
Moorfield this year raised £350m from US, European and Japanese investors for the fund, receiving £250m of discretionary capital commitments and £100m of co-investment commitments.
