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, LaSalle manages approximately $67.6 billion of assets in private and public real estate property and debt investments as of Q3 2019. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
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