One of mobile communications giant Everything Everywhere’s major offices at Aztec West has been sold to a group of Middle Eastern investors and London-based investment firm for £19m.
The 80,000 sq ft building – 2620 The Quadrant – was formerly part of the North Bristol group of offices occupied by Orange. The
pioneering Bristol mobile phone firm was rebranded as Everything Everywhere (EE) last year following its 2010 merger with T-Mobile.
The building, previously owned by an investment fund, is the latest investment property to be snapped up in Bristol in recent months for a large sum. EE also occupies the 71,000 sq ft former Orange office at 800 Park Avenue at Aztec West, which is not connected with this deal, as well as a third office at Aztec West and one on the nearby Almondsbury Business Park.
West law firm Foot Anstey, which has a major office in Bristol, advised the Kuwaiti investors and Yorktown Partners on the acquisition.
Foot Anstey’s specialist Islamic finance, banking and private equity lawyers advised the Kuwaiti investors on a shariah-compliant investment structure, financing documents and related security and intercreditor arrangements.
The law firm’s team was led by Islamic finance partner Imam Qazi and included partners Will Whitt (banking) and Matthew Stoate (private equity), together with solicitors Zahir Nayani (Islamic finance) and Ben Kumordzie (banking).
Mr Qazi said: “We are delighted to help see this deal through to a successful conclusion. It was a great team effort involving a range of our specialist practice areas including investment structuring, banking and Islamic finance.”
Islamic finance is a niche expertise for Foot Anstey across its five offices of Bristol, Plymouth, Exeter, Taunton and Truro.
Yorktown Partners is a private, London-based real estate investment firm focused on providing private equity quality investing services to family offices and institutions on a flexible deal-by-deal platform.
Meanwhile, the freehold another Aztec West off – number 170 – has been sold in a £1.1m deal.
The detached office, occupied by cloud computing business Inty on a 15-year lease, has been bought by a private buyer.
The Bristol office of property agents Hartnell Taylor Cook acted on behalf of vendor Friends First Managed Pensions while Colliers International was the agent for the buyer.
