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Purchase of regional offices in Bristol and Cardiff announced

26 July 2018

Two office purchases in Bristol and Cardiff have been announced by Floreal Real Estate from Oval Real Estate in an off-market transaction totalling £44.7m.

With 137,000 sq ft of high quality office accommodation, the Castlemead in Bristol is the largest of the two acquisitions.

Churchill House in Cardiff includes 87,000 sq ft of office and retail space in central Cardiff, with income expected for approximately eight years from the purchases.

The statement also confirmed that a net initial yield in excess of 7% would result from the acquisitions.

Recent comments from the PFM Editorial Advisory Board have stated how the real estate market is becoming more closely aligned with the FM sector, which is expected to continue to develop in the future.

Floreat's acquisition is its second this year, after it purchased the Shipping Building in West London, part of the Old Vinyl Factory regeneration.

Market reports have shown that the regional office sector continues to perform well, driven by a lack of new offices and a buoyant occupational market.

Floreat principal William Hardyment said his company's recent purchases "provide a compelling offer for occupiers" due to their location close to retail districts and transport hubs.

He further stated the acquisitions help to "fulfil our strategy to acquire quality buildings, with high underlying site values and sustainable income".

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