Acting for Moorfield Real Estate Fund III in the acquisition, refurbishment, lease and subsequent sale of Atlantic Quay, Glasgow

Atlantic Quay is a well-known office complex at the centre of Glasgow’s international financial services district that fronts the River Clyde. 

Over recent years we have acted for Moorfield in several significant lettings at the office complex and the sale of all three office buildings in separate transactions.

Key highlights

• Atlantic Quay 1- Lease of five floors of the building to DWP at a seven-figure annual rental, including construction advice in respect of building refurbishment. Sale of building to Bank of London and Middle East for £55m. 
• Atlantic Quay 3- Lease of the entire building to tenant Scottish Courts and Tribunals at a seven-figure annual rental including complicated tax and costs mechanisms in respect of funding of refurbishment and tenant works. Sale of building to Legal and General for £55m, a record 3.6% initial yield.
• Atlantic Quay 2 – Sale of building, which marked the final disposal of Moorfield’s holdings at the Atlantic Quay complex.
• The disposals completed ahead of the expected business plan timeframe and delivered above target returns for the investors in MREF III. 

Outcome

Our support of Moorfield in relation to the Atlantic Quay complex demonstrates our ability to deliver on the largest deals in the market, both in terms of lettings and sales. We delivered end to end service across - real estate, corporate, tax, construction and banking, applying our commercial nous to push each deal through to speedy completion.