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American Company buys office scheme in Cardiff Bay

US investor, Global Mutual, puts in bid to expand office developments in Cardiff Bay.

By Rimante Bivainyte

An American property investment company is aiming to buy one of Wales’ leading office schemes. A private US investor of ‘Global Mutual’ is planning to buy the Cardiff Waterside office estate in Cardiff Bay. Global Mutual is cooperating with insurance company, Aviva, to obtain this office development which consists of 402,309 sq ft of offices across 11 buildings such as 3 Assembly Square whose tenants are ITV Wales, KPMG and Gambit Corporate Finance, also the complex includes 1,238 space multi-storey car park.

This scheme is expected to be sold for £86 million pounds. Currently, 90% of Cardiff Waterside is let to 31 tenants. Global Mutual is in talks with Aviva over Cardiff Waterside office estate due to the growing interest from institutional property investors.

Initially, in 2012 Aviva put the Cardiff Waterside up for the sale but was later withdrawn. This year, in September, it was brought back on the market and the sales process was maintained by property advisory firm, Knight Frank. There was a strong interest worldwide from investors who were invited to submit their best bid. After a second round, Global Mutual appeared to be Aviva’s preferred bidder. Hence, a final deal is expected to be confirmed in next few weeks.

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