Acting on behalf of Ambassador Group DougraySmith confirm the purchase of the 114,680 sq ft Alba Campus in Livingston, West Lothian. The clinical trials campus includes office and research and development facilities.
Ambassador bought the site for around £20.3m, reflecting a yield of around 77%. The 14-acre campus is let to Quintiles for another 10 years.
Chris Richardson of Ambassador Group said:
“This is an important first acquisition for our new fund.We anticipate further deal announcements in the coming months.”
Dougray Smith, is advising the group on its spending programme. Ambassador is aiming to deploy £150m of equity in the next year, geared to at least 50%. It is targeting assets across all sectors of around £20m to £75m and has a target return of around 10%.