Royal London buys £62.1m office building from Palmer Capital and Cubex
Royal London Asset Management (RLAM) has bought a £62.1m (€69.7m) office building in the southwest of England from a Palmer Capital backed property investor.
Cubex Land is selling the 95,531sqft Aurora office asset in Bristol. Aurora was funded by Palmer Capital Development Fund IV, a venture managed on behalf of clients of CBRE Global Investment Partners.
Aurora forms part of a 4.7-acre mixed-use scheme in Bristol’s waterfront called Finzels Reach.
The office which has just been certified to practically complete is already 85% pre-let.
Peter Walford, a director at Cubex, said: “Our commitment to delivering a first class, highly sustainable office building in the heart of the city has been instrumental in helping us attract a fine mix of quality tenants, and to consistently push rental levels to record highs.
”We are therefore delighted that Royal London have recognised these attributes and chosen to purchase the created investment.”
Steve Wright, a director at Palmer Capital, said: “We are delighted to conclude a successful business plan which ratifies our core investment thesis in delivering modern, flexible and high-quality accommodation which delivers superior performance for the fund.”
Alex Bignell, the region head of UK at CBRE Global Investment Partners, said: “We were excited to support the speculative development of Aurora, recognising the excellent supply and demand fundamentals of the Bristol office market.
”We shared the vision of Cubex and Palmer Capital for the project and are delighted with the success of the scheme for our clients.”