31 July 2017
Reporter: Theo Andrew

Aerium purchases landmark office in Cardiff for £51 million

Aerium has acquired One Central Square, a grade-A office in Cardiff, from Legal & General for £51 million.

The 134,950-square foot asset comprises nine floors and is 97 percent let to six tenants including Blake Morgan, Julian Hodge Bank and RBS, with a weighted average lease term of 9.4 years.

Completed in 2016 and located adjacent to Cardiff Central Railway Station, One Central Square is the first building to be finished in Cardiff’s 12-acre mixed-use Central Square development, which was begun in 2014. It holds a Building Research Establishment Environmental Assessment (BREEAM) rating of excellent.

Phases two and three of the development are scheduled to be completed in mid-2018, and will include a new £120 million headquarters for BBC Cymru Wales.

Robin Carr, co-chief investment officer at Aerium, said: “One Central Square is a strong addition to our portfolio, providing us with access to a transformational development at an early stage of its life.”

He added: ”With the BBC taking up occupation opposite us in 2019, and the huge improvements underway to the wider public realm, we have no doubt that this area of Cardiff will continue to flourish.”

Tom Roberts, head of strategic investment and regeneration at Legal & General Real Assets, said: “The Central Square project continues to evolve at an extremely impressive rate and the appetite from investors such as Aerium is testament to the quality of product being created at this gateway regeneration site.”

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