Family owned trading company, the RO, has announced the sale of its long leasehold in Wyndham Court, central Bristol, to UKRO Property Holdings II Limited (UKRO), a Jersey domiciled partnership which owns a portfolio of regional offices in the UK, for a total consideration of £6 million.
UKRO is advised by ADAPT Real Estate, an established owner-managed business specialising in the asset and development management of multi-sector real estate across UK regional markets and by an Asia based Investment Advisor.
David Kershaw, Group Real Estate Director, the RO commented:
“Bristol has a flourishing TMT, professional and financial services sector, with a world class knowledge economy based in aerospace, defence, engineering, ICT and electronics, media and creative and environmental industries, and consequently has a flourishing office market. With its 52,000 strong student population, its skilled labour pool, and its steady population growth, it was an attractive choice for an investment in commercial property.
“We are very pleased with the return we have generated on the sale of the asset. The capital generated will bolster our cash resources; strengthening our position to look at new acquisition opportunities. In tandem, we will continue to upgrade our existing assets to be more suited to the new working environment in a post Covid era.”
He added: “We believe that offices will remain central locations for ideas exchange, innovation and collaboration, but with a strong focus on employee wellbeing. Cognisant of these trends, we look forward to growing our portfolio and adapting and improving our existing portfolio. We wish UKRO well with their new asset in the vibrant Bristol market.”
The RO Group was advised on the sale by Hartnell Taylor Cook and Womble Bond Dickinson. UKRO was advised by Ship Street, Adapt Real Estate and TLT LLP.