Moorfield Group has acquired three Glasgow offices for £60.7m in a joint venture with Resonance Capital.
The group bought Buildings 1, 2 and 3, Atlantic Quay from M&G Real Estate on behalf of its Moorfield Real Estate Fund III on an initial yield of 8.54%.
The rental income of the grade-A office site is £5.5m from a range of occupiers across the 280,000 sq ft of space.
Located by the river Clyde, the site is a short walk from Glasgow’s main shopping and leisure centre.
Marc Gilbard, chief executive officer at Moorfield, said: “Atlantic Quay provides us with a significant city-centre office complex at the heart of Glasgow’s international financial services district. The modern buildings offer a range of refurbishment, improvement and re-letting opportunities that we will work on together with our joint-venture partner, Resonance Capital.”
This is the third Scottish asset purchased on behalf of MREF III in the past two years, adding to the Aberdeen Energy and Innovation Parks and Quartermile in Edinburgh.
Ryden and Resonance Capital advised MREF III; Savills advised M&G RE.
