Moorfield sells Glasgow office block for £22.25m

Moorfield has sold Glasgow office building Atlantic Quay 2 for £22.25m to French real estate investment firm Corum XL. Located in Glasgow’s International Financial Services District, Atlantic Quay 2 comprises 77,273 sq ft of office space and 28 underground car parking spaces and is fully let to Lloyds Banking Group. The UK real estate private equity fund manager’s Moorfield Real Estate Fund III acquired Atlantic Quay 2 and its neighbouring office buildings, Atlantic Quay 1 and Atlantic Quay 3 (which combined provide 280,000 sq ft of office space), in 2015 for around £60m. Atlantic Quay 3 was sold to Legal & General Investment Management Real Assets in January 2018; Atlantic Quay 1 was sold to the Bank of London and the Middle East in October 2018. Charles Ferguson-Davie, chief investment officer at Moorfield, said: “With the sale of Atlantic Quay 2 we have now disposed of all three buildings for around £130m, well ahead of the expected business plan timeframe and delivering above-target returns for the investors in MREFIII. “We have been actively selling assets from MREFIII and have sold around £450m of properties in the past 18 months which has delivered strong returns for our investors.” MREFIII was represented by JLL and Corum XL by Danesborough Properties. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette