UK real estate asset and investment manager APAM has acquired the Acero office complex in Sheffield, UK, for £26.6 mln (30 mln).
APAM was acting on behalf of Britannia Invest, which represents a number of Danish pension funds.
Developed by Scarborough International Properties and its joint venture partner Metro Holdings of Singapore, the scheme was completed in July 2017. It forms part of the Sheffield Digital Campus, situated on Concourse Way, close to the city centre, directly opposite Sheffield Railway Station.
The property provides over 80,000 sq ft (7,450 m2) across six floors, including a reception and a 62-space car park. The property is currently let to three tenants, co-working provider Spaces, Atkins and Simcyp, who combined have taken over 47,000 sq ft since completion last year.
Chris Taylor, director at APAM, commented: 'We continue to seek high-quality multi-let regional office opportunities for Britannia across the UK where we can utilise our active asset management expertise.'
Cushman & Wakefield acted on behalf of APAM. Knight Frank and Lambert Smith Hampton acted on behalf of Scarborough.
Tim Cameron-Jones of Cushman & Wakefield said: 'Having acquired the first building in this innovative development for the City Council, I have watched with great interest as Scarborough deliver further successful phases of development. I am delighted to have advised Britannia Invest and APAM on the acquisition of what is the best-in-class in Sheffield.'
Simon McCabe, a joint CEO of Scarborough International Properties, said: 'This sale marks the completion of a project which began as a speculative development opportunity that the team has taken through construction, leasing and ultimately onward sale to an investor. Acero is widely considered to be one of the highest-specification offices in the region. We will now be looking to bring forward the final phase of Digital campus.'