Pan-European real estate fund manager Aerium has acquired a newly developed office asset in Cardiff, Wales from Legal & General for £51 mln (€57 mln).
One Central Square, a newly developed Grade A office asset in the centre of the city, is the first building to be completed within phase one of the 12-acre mixed-use, office-led scheme. The 134,950 ft2 (12,530 m2) asset comprises nine floors of office space, certified BREEAM 'Excellent'.
'One Central Square is a strong addition to our portfolio, providing us with access to a transformational development at an early stage of its life,' commented Robin Carr, co-chief investment officer at Aerium. 'We firmly believe that this area of Cardiff, directly adjacent to the Central Station, presents a highly appealing offering to occupiers, as demonstrated by the covenant strength of our building’s tenants.'
The building is 97.0% occupied, let to six tenants, including Blake Morgan LLP, Julian Hodge Bank and RBS, and holds a weighted average lease term of 9.4 years.
'The sale of One Central Square realises our business plan to attract third party capital into completed phases of this transformational Cardiff regeneration project, allowing us to focus on future phases of development with our partner Rightacres and, together, seek new economic growth opportunities that are a good match for our capital,' concluded Tom Roberts, head of strategic investment and regeneration at Legal & General Real Assets.
Knight Frank acted for Legal & General.
