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F&C Commercial unit spends £33.5M on UK office asset

F&C Commercial Property Trust Ltd. unit F&C Commercial Property Holdings Ltd. bought an office property in Bristol, U.K., for £33.5 million, registering a 5% net initial yield.

University of Bristol and Dyson Technology occupy the 56,059-square-foot office for a weighted average unexpired lease term of 12.4 years, with 7.6 years to break. The consideration for the asset, which generates annual rental income of roughly £1.8 million, was paid using F&C's existing cash reserves.