LaSalle Investment Management has acquired Ty Admiral, the global headquarters of the Admiral Group located in Cardiff, UK, for an undisclosed amount.
The asset, a high-specification 14-storey office building, was acquired from a fund managed by Amundi Real Estate.
The 203,000 sq ft (18,900 m2) building is wholly let until September 2039 with rents linked to inflation and includes three retail units in addition to the office accommodation.
Sophie Simmonds, fund manager at LaSalle Investment Management, said: 'We’re delighted to have completed the acquisition of such a high-quality asset located in the heart of one of the UK’s leading cities, which continues to grow in stature following other landmark developments. Ty Admiral meets our investment criteria of investing in long-term, index-linked assets in strong UK locations with investment-grade covenant strength and we’re confident that the property will offer an attractive return profile for our client.'
LaSalle was represented by Jones Lang LaSalle. Amundi was represented by Cushman & Wakefield and Knight Frank Investment Management.