Cubex and Palmer Capital sell Bristol office for £62m

Palmer Capital-backed Cubex Land has exchanged on the sale of its Aurora office in Bristol for £62.1m to Royal London Asset Management at a 4.8% yield.  The 95,531 sq ft office forms part of the 4.7-acre mixed-use waterfront scheme Finzels Reach.  Aurora (pictured) has been the only speculative office development under construction in Bristol and is now 85% prelet with Mewburn Ellis, Simmons & Simmons and Parmenion all taking space.  It was funded by Palmer Capital Development Fund IV, which is managed exclusively on behalf of clients of CBRE Global Investment Partners.  Peter Walford, director at Cubex, said: “Our commitment to delivering a first-class, sustainable office building in the heart of the city has been instrumental in helping us attract a fine mix of tenants, and to push rental levels to record highs.” Savills acted for Cubex and Palmer Capital. Knight Frank acted for Royal London Asset Management.  To send feedback, e-mail alex.peace@egi.co.uk or tweet @EGAlexPeace or @estatesgazette