Alpha Real Capital buys U.K. property for £73m
Alpha Real Capital, a specialist manager of long income real assets, has purchased the 154,000-square-foot Temple Quay House in Bristol, England, for £73.35 million ($89 million) on behalf of one of its long-lease property funds.
According to Alpha Real Capital, the transaction was completed within 12 working days of the property being put on the market and funded with 100 percent equity.
The property is located 100 meters (328 feet) from Bristol’s main Railway Station. According to the firm, 54.2 percent of Bristol’s working residents have a university degree, which is higher than the national average of 38.6 percent, making the city one of the largest employment bases for banking, finance and insurance sectors outside of London.
Since it was constructed in 2001, the BREEAM certified building has been leased to the U.K. government for more than 18 years on a full repair and insurance lease. The sale follows an addition extension of the lease to 2037, with