Geneva-based Mirabaud Asset Management completed its first real estate acquisition in the UK with the purchase of an office building that is home to Virgin Atlantic’s headquarters.
Close to London’s Gatwick Airport, the office building was purposely built in 2016 for Virgin Atlantic and is entirely leased to the company until 2032.
Mirabaud AM said the combination of Virgin Atlantic’s “nine remaining years of lease, mission critical headquarters, grade-A asset and strong West Sussex market fundamentals” made the property a compelling opportunity.
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Mirabaud AM said it was expanding its established real estate portfolio by acquiring single-tenant office and logistics assets in key markets across the US and now the UK.
Vaqar Zuberi, head of alternative investments at Mirabaud AM, said: “The acquisition of VHQ [Virgin headquarters] continues our strategy to invest in high-quality, mission critical offices in regions with positive demographic and economic trends, leased to investment-grade tenants with in-place long-term leases”.
Alejandro Nimo, head of private asset solutions at the fund manager, said the was robust demand from sophisticated private investors for real estate opportunities that offer consistent cash flows and a favourable risk return profile.
The UK acquisition brings the value of Mirabaud AM’s real estate portfolio to almost $700 million.
