Thursday, 23 April 2015
Standard Life Investments invests €64 mln in Europe (UK/ES)
The Standard Life Investments Global Real Estate Fund has invested €64 mln in Europe with two key acquisitions: Ogier House in Jersey and Building 4 in World Trade Centre (WTC) Almeda Park in Barcelona, Spain.
Ogier House is a modern office building located in the heart of Jersey’s capital, Saint Helier, and provides 7,061 m² of Grade A office space. It is currently let, under single occupancy to a leading international fiduciary services firm, producing a net initial yield of 7.5%.
Building 4 in WTC Almeda Park is a 10,300 m² office in Cornellà de Llobregat, in the metropolitan district of Barcelona. It is currently 85% let to multinational tenants delivering a net initial yield of 6%.
The acquisitions reflect the Fund’s strategic priority to increase exposure to direct real estate internationally. Following these purchases the Fund is now 75% invested in direct real estate around the world with the remainder predominantly invested in real estate equities.
Montagu Evans advised Standard Life Investments for Ogier House in Jersey; Cushman and Wakefield acted for the vendor.
Source: firstlight PR