Topland Group has sold its 217,000 sq ft Pavilions office complex in south Bristol to Europroperty, a German Spezialfonds asset-managed by TMW Pramerica Immobilien GmbH of Munich, for £26.8m.
The deal reflects an initial yield of 8%.
The low rise scheme on Bridgwater Road, which comprises seven interconnecting buildings on 18 acres, is currently let under various leases to Allied Domecq and Computershare.
Mark Rothwell, investment agency partner at Alder King, which represented Topland, said the sale underlined the strength of investor confidence in Bristol and indicated expectations of rental growth in the city for both prime and secondary property.
In 2003, Europroperty bought offices in Access Park in Slough occupied by British Airways’ ticketing division.
Europroperty fund was represented by TMW Pramerica Immobilien GmbH, which was advised by Pan European Consultancy Services.
References: EGi News 09/12/04
