George Capital has bought the home of Barclays in Cardiff city centre in an off-market deal for £12.7m – a 9% yield.
The company has acquired the freehold in Windsor Court, which comprises 44,000 sq ft of retail and office fronting Queen Street, the city’s main retail thoroughfare.
The fund now owns a portfolio of five assets in Glasgow, Nottingham, Newcastle and Cardiff and is seeking to increase its portfolio to £50m this year.
Ben Young, founder of George Capital, said: “Consistent with George Capital’s other acquisitions across 2014 and 2015, Windsor Court offers significant potential to add value through hands-on asset management.
“We particularly like well positioned high street assets that offer flexibility in terms of uses, such as retail, leisure, offices, and residential. Buildings that are underutilised by the existing occupiers, and have potential upside from a change of use are where we find the most value. Over 2016 we will continue to seek out similar investment opportunities.”
• To send feedback e-mail shekha.vyas@estatesgazette.com or tweet @shekhaV or @estatesgazette
