22 March 2016

Ardstone Fund acquires Bristol legal HQ

Forsters has advised the Ardstone UK Regional Office Fund, a programmatic venture funded by clients of CBRE Global Investment Partners and managed by Ardstone Capital, on the acquisition of the office headquarters of international law firm Osborne Clarke LLP at 2 Temple Back in Bristol.

The property was acquired from a fund managed by Deka Immobilien Investment GmbH for a purchase price of £34.1 million, with the deal structured as an acquisition of 100% of the share capital in the property-holding SPV company.

The Grade A building comprises over 87,500 sq ft of office space together with ancillary parking and forms part of a larger prime waterfront office complex located in Bristol's core business district. It is let in its entirety to Osborne Clarke LLP at a current annual rent of £2,025,000.

Commercial Real Estate partner, Andrew Crabbie led on real estate matters, assisted by Owen Dutton. Corporate advice was provided by Christine Dubignon and Leila Box. Partner Elizabeth Small advised on taxation, assisted by Karmeni Shahi. 

Our Insights

"Forsters had already hugely increased in size and turnover in the last ten years, and this move has really added to that"  on the arrival of the private client team from Gowling WLG.
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