Aviva Investors has acquired the first phase of the Bristol Business Park redevelopment for £30.1m through the Lime Property Fund.
The Abstract Securities-led redevelopment will be an 85,790 sq ft office prelet to engineering support services firm Babcock Integrated Technology on a 15-year full-repairing lease.
Completion on the building, which is built to a BREEAM Excellent specification, is scheduled for May 2019. It is close to the University of the West of England and the Ministry of Defence’s main UK procurement centre at Abbey Wood.
Kris McPhail, assistant fund manager at Aviva Investors, said: “This transaction provides our institutional clients with an inflation-linked cashflow from a strong tenant and a property that is well-located and strategically important to the tenant. These are exactly the type of investments we are actively targeting for the Lime Property Fund.”
Lime Property Fund is a secure-income long-lease fund managed by Aviva Investors which focuses on properties with inflation-linked or fixed-rental uplifts on leases of 15 years or more.
Lambert Smith Hampton represented Abstract; DTRE represented Aviva Investors.
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