Standard Life Investments has spent 鈧�64 mln on acquiring two new office buildings in Jersey and Barcelona.
Standard Life Investments has spent 鈧�64 mln on acquiring two new office buildings in Jersey and Barcelona.
Ogier House, a modern office building in the Jersey capital of St Helier, provides over 7,000 m2 of space and is let to finance law specialists Ogier, producing a net initial yield of 7.5%.
Building 4 at WTC Almeda Park is a 10,300 m2 office in Barcelona麓s metropolitan district, which is currently 85% let to multinational tenants, delivering a 6% yield.
Standard Life Investments, which acquired the assets for its Global Real Estate Fund, said the purchases were part of a strategy to increase exposure to direct real estate internationally.
Fund manager Andrew Jackson said the two purchases were 鈥榖oth prime properties with attractive income yields in strengthening markets.鈥�
鈥楾hey meet our focus on providing clients with exposure to modern real estate in locations around the world that our research team have forecast to produce attractive returns,鈥� he said.
Since the end of 2014, SLI has focused its attention increasingly on the European market, where it expects growth to increase by 8% over the next three years compared to 7.3% in the UK. In October its European Real Estate Club raised 鈧�308 mln at its first close, which has since been deployed across the Netherlands, Germany, France and Denmark.
