Tristan Capital Partners has purchased land in the city of Bristol, UK, on which will be built a new office building of up to 19,509 m2.
Financial details were not disclosed. Tristan made the purchase on behalf of its opportunity fund, EPISO 5.
The pan-European investor has acquired the 1.3 acre site in the city centre’s enterprise zone, known as 4 Glass Wharf. Developer Candour Group has planning permission for a seven-floor property there.
Tristan explained the purchase, saying Bristol has experienced four years of tightening office supply, with assets being put to other uses such as residential. There is also a relative lack of prime office supply, the company said.
Nicho Jenkins, managing director at Tristan Capital Partners, said: ‘This development provides EPISO 5 with an opportunity to deliver a state-of-the-art Grade A office building in the established new business district of Temple Quay in Bristol’s city centre. The project fits our strategy to develop offices in low-vacancy, supply-constrained markets in the UK.’
Toby Pentecost, co-founder of Candour Group, said: ‘As an occupier-focused developer, we are confident that this will be a fabulous and much-needed addition to the city centre – it will deliver a best-in-class workspace for thriving businesses, with sustainability, occupier wellbeing, connectivity and design quality at its heart.’
