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Ardstone Capital has acquired law firm Osborne Clarke’s headquarters in Bristol on behalf of Ardstone UK Regional Office Fund, a venture operated on behalf of clients of CBRE Global Investment Partners (GIP).

Ardstone acquired the property from Deka Immobilien for £34.1mln (€43 mln). The 8,130 m2 Grade A office building is let to Osborne Clarke on a 20-year lease expiring in 2022.

The property, fronting Temple Way in the heart of the Temple Quarter, is the second acquisition in Bristol within six months for the fund, following the acquisition of 90 Victoria Street in the fourth quarter of 2015.

Craig McDonald, managing director, Ardstone Capital, said this was the second acquisition in Bristol, a city that the fund has sought exposure to for some time. 'The asset is of undoubted quality in a location set to continue to improve and let to an excellent tenant that we look forward to working with,' McDonald said.

Alex Bignell, head of UK, CBRE Global Investment Partners, added, 'The acquisition adds a further high-quality asset to the Ardstone portfolio in one of our target regional office markets. We are also very pleased to have recycled the proceeds from our recent sale of Citymark, Edinburgh so efficiently.'

Cushman & Wakefield Bristol office advised Ardstone Capital on the acquisition and Savills advised Deka Immobilien.