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Published 6 junio 2017
International law firm DAC Beachcroft has acted for Tameside Metropolitan Borough Council, as the administering authority of Greater Manchester Pension Fund, in the acquisition of Cardiff's Morgan Quarter for £55 million.
The firm worked with the Pension Fund’s property investment manager, LaSalle Investment Management, in relation to the acquisition of a large proportion of Cardiff city centre's shopping area on behalf of the fund.
DAC Beachcroft provided real estate advice, fielding a specialist team led by Manchester-based Real Estate Partner, Alison Key, with support from Partner, Adrian Wallbank, Senior Associates Christine Burrows, Jonathan Smith and Tom Everson, and Associate, Jason Bannister.
The space acquired from property investment company, Helical, provides more than 300,000 sq ft of award-winning office space and hosts a variety of established retailers and local business tenants.
The sale price reflects a net initial yield of 5.9% and a reversionary yield of 6.9%.
Commenting on the deal, Alison Key said: "We're delighted to have been involved with this significant acquisition for Tameside right in the heart of the city centre. The space has great character and potential and will continue to thrive in Cardiff's major shopping environment."