UK privately held property investor Moorfield and Glasgow-based joint venture partner Resonance Capital have announced the purchase of three Atlantic Quay buildings in Glasgow from M&G Real Estate.
UK privately held property investor Moorfield and Glasgow-based joint venture partner Resonance Capital have announced the purchase of three Atlantic Quay buildings in Glasgow from M&G Real Estate.
The purchase, carried out on behalf of the Moorfield Real Estate Fund III (MREF III), is the fund's third major acquisition in Scotland in the last two years, following on from the purchases of Aberdeen Energy and Innovation Parks and Quartermile in Edinburgh.
The total investment sum amounts to £60.7 mln (€84 mln), reflecting an initial yield of 8.54%.
The assets, known as Buildings 1, 2 and 3 Atlantic Quay, comprise 280,000 sq ft (26,000 m2) of office space currently producing a rent roll of £5.5 mln from a range of occupiers.
Ryden and Resonance Capital advised MREF III and Savills advised M&G Real Estate.
