Tesco pension fund completes £70m Bristol office sale

Tesco Pension Investment has completed the sale of Halo at Finzels Reach in Bristol to CBRE Investment Management for £69.7m – a 5.77% yield. Halo was funded by Tesco Pension Investment and delivered by Cubex, with construction completed in November 2022. The building provides 116,000 sq ft of office space and was prelet to Osborne Clarke and Deloitte during its development. Andrew Phillips, director in UK investments at Savills Bristol, which advised Tesco Pension Investment on the sale, said: “The Bristol office market dynamics are consistently strong. Occupiers are increasingly looking for high-quality, amenity-rich sustainable office space. Halo is a standout building meeting the occupational aspirations of Osborne Clarke and Deloitte.” Knight Frank advised CBRE Investment Management.