Costar News - Abrdn Lights up Bristol Market

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Kimmre advise Northtree IM on the acquisition of the Imperial Brands HQ in Bristol

Abrdn has sold Imperial Brands’ Bristol headquarters for more than £30 million, reflecting a 7.96% net yield for the out-of-town office building.

CoStar News reported at the beginning of the month that Northtree Investment Management had gone under offer to buy the circa 58,000-square foot building. It has served as the home of the tobacco firm since 2013.

Abrdn has now confirmed it has sold the building, but declined to provide any further information. Market sources, however, have told CoStar News that the 121 Winterstoke Roadproperty sold for £33.75 million.

The deal marks the second sale of three office properties in Bristol that were expected to change hands at the beginning of this year, with the trio worth a combined circa £90 million.

Earlier this month BNF Capital, a London-based investment office owned by members of the Anglo-French Perrodo family, working with Morgan Capital, bought Programme for £36.5 million.

While CoStar News understands that Redcliff Quay, the third property, is under offer to an alternative use buyer for circa £17 million. The canalside property is owned by Legal & General, with Knight Frank appointed on the disposal.

Abrdn bought 121 Winterstoke Road from Imperial Brands on a sale-and-lease back deal for around £52 million in August 2018, reflecting a 4.69% net yield. It was renovated in 2014 and is rated EPC C, a one-minute drive from Parson Street Commuter Rail.

Colliers acted for Abrdn. Abrdn declined to comment, while Northtree Investment Management were approached for comment. Kimmre advised Northtree.

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