Trinova Real Estate has acquired Topland’s Capital Tower in Cardiff for £25m.
The 25-storey building was sold for a net initial yield of 7.5%.
The 124,375 sq ft Capital Tower building is 98% let to occupiers including the Crown Prosecution Service, Admiral Insurance, the AA, Allianz, Dolmans Solicitors and The Law Society.
Since acquiring Capital Tower, Topland has undertaken a multi-million-pound refurbishment of the building.
Topland asset management director William Davies said the company would seek more assets it could refurbish. He said the business had turned Capital Tower “from a building in decline into a thriving, attractive building with near full occupancy.”
Gareth Lloyd, Knight Frank capital markets partner in Cardiff, added: “Over recent years Cardiff has cemented its position as a major regional centre in the UK, which has resulted in increased investment interest from both domestic and international sources. We capitalised on this here, with more than 10 inspections of the building from potential purchasers.”
Topland bought Capital Tower and Friary House in 2012 from DTZ Investment Management for a combined £12.35m. It still owns Friary House.
Knight Frank advised Topland; Trinova Real Estate was represented by Fletcher Morgan.
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