LaSalle acquires Ty Admiral, headquarters of Admiral Group Plc

LONDON (November 09, 2018) — LaSalle announces the acquisition of Ty Admiral, the global headquarters of Admiral Group Plc located on David Street, Cardiff. The asset, a high-specification 14-storey office building, was acquired from a fund managed by Amundi Real Estate (“Amundi”).

The 203,000 sqft building is wholly let to EUI Limited, the principal subsidiary of Admiral Group Plc, a FTSE 100 and investment-grade credit rated company, until September 2039 with rent linked to inflation and includes three retail units in addition to the office accommodation.

The property is situated in a landmark position with excellent prominence overlooking the adjacent St David’s Shopping Centre and located equidistant between Cardiff Central Station and Cardiff Queen Street Station, the two main commuter hubs in the city centre. The immediate area has seen a dramatic transformation since the opening of the second phase of the St David’s Shopping Centre and the on-going Central Square and Capital Quarter developments, attracting significant occupiers.

Cardiff, which is expected to grow faster than any other UK city in population terms over the next 20 years, has one of the fastest rates of growth for jobs and highest earnings compared to other core UK cities. Subsequently, the property ranks highly in LaSalle’s proprietary analysis of an asset’s long-term resilience to changes in demographics, technology, urbanisation and the environment.

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.”

Alan Tripp, Head of UK at LaSalle Investment Management, said: “We have a skilled team with experience of these types of investment, in order to deliver the investment objectives for our clients.”

Nick Allan, International Partner at Cushman & Wakefield, said: “We are delighted to have advised Amundi Real Estate on the sale of this landmark asset. Long dated index linked income is experiencing unprecedented levels of demand from UK and international capital and Ty Admiral was no different resulting in an extremely competitive bids process”.

LaSalle was represented by Jones Lang LaSalle. Amundi was represented by Cushman & Wakefield and Knight Frank Investment Management.

About LaSalle Investment Management 
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

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