Tristan Capital Partners has acquired M&G’s The Forum at Solent Business Park, Southampton, for around £45.5m – a 7.25% yield.
M&G instructed Knight Frank to sell the cluster of five buildings for offers in excess of £42m, excluding the 10 acres of vacant land on the premises.
The 250,000 sq ft scheme is partially let to a variety of tenants.
HSBC secured 70,000 sq ft, the entirety of Forum One, in 2014, after lack of supply in the city centre pushed the bank out of town.
SpecSavers has let Forum Six, while other tenants in the complex include serviced office provider Regus, mortgage lender Interbay and recruitment firm Randstad.
The ground and first floor of Forum Four and all 48,592 sq ft of Forum Five are vacant.
Tristan is expected to let the remaining space and capitalise on the surge in office rents, driven by lack of space in Southampton city centre.
Levels of grade-A new and refurbished space in the city core are around 60,000 sq ft.
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