DTZ Investors has sold two office buildings in the Welsh capital of Cardiff to a German buyer for £32 mln (€41 mln).
DTZ Investors has sold two office buildings in the Welsh capital of Cardiff to a German buyer for £32 mln (€41 mln).
JLL in Cardiff advised an unnamed German investor on its purchase of 3 & 4 Callaghan Square from DTZ Investors, which manages the property allocation for the National Grid UK Pensions Scheme.
DTZ Investors was advised by Cushman & Wakefield.
The two offices, which have a combined floor area of 10,400 m2, are located in the heart of Cardiff’s central business district. The tenants include British Gas, British Transport Police Authority and Zurich Insurance.
Justin Millett, director and head of capital markets in JLL’s Cardiff office, commented: 'UK property is looking more attractive relative to Europe and remains the number one destination for overseas capital, being the most liquid and transparent property market in the world.
'We are marketing to an increasingly global audience and Cardiff continues to attract significant indigenous and overseas investor interest predominantly driven by a strong rental growth outlook and attractive pricing relative to other large regional cities and London. An understanding of global, national and local markets has never been so important for both agents and property investors alike.'
Andrew Gibson, director of investment and development based in Cushman & Wakefield’s Cardiff office, added: 'This is a significant and high-profile investment transaction for Cardiff and indicates that the investment confidence we saw in the final quarter of 2015 is continuing. 3&4 Callaghan Square attracted good interest from a mixture of UK based and overseas investors, further demonstrating the continued widespread confidence in the Cardiff market.'
