Moorfield Real Estate Fund III (MREFIII), has acquired Aberdeen Energy & Innovation Parks from Buccleuch Property and Scottish Enterprise for £35.45m.
Aberdeen Energy and Innovation Parks comprise 200,000 sq ft of multi-let office and industrial accommodation for over 80 companies and a workforce of nearly 2,000 employees in the Bridge of Don area of Aberdeen.
In addition, MREFIII and Buccleuch Property have agreed a new 50/50 joint venture partnership to develop circa 60 acres of expansion land across the Parks. An application for 500,000 sq ft of new development on a 47 acre site at the Aberdeen Energy Park has already been submitted to Aberdeen City Council and there are also a further 13 acres of existing serviced plots that the partnership plans to build out in the short term.
Charles Ferguson Davie, Chief Investment Officer of Moorfield Group commented: “The Aberdeen market has very strong supply and demand dynamics and we believe that these two Parks are well located and likely to benefit from further highway improvements in the area. We are looking to work closely with the existing tenants to satisfy their needs and provide them with a high quality service; and we will also be exploring additional development opportunities to attract a wider spread of businesses and organisations.”
“The joint venture with Buccleuch Property will enable us to use our complementary skill sets, which will ensure that all parties, including future tenants, benefit going forward.”
David Peck, Managing Director of Buccleuch Property commented: “This deal is great news for all involved, as well as for the wider Aberdeen area, delivering an ongoing investment commitment and clearly outlined expansion plans for the Energy & Innovation Parks. We have worked hard during our four years of ownership to transform the quality of the Parks through a range of asset management initiatives including refurbishment and speculative development, a high quality management service to occupiers and a comprehensive re-branding exercise. Now we have achieved the strategic objectives we set ourselves, it is time for a new owner to realise the next phase of growth.
“The Parks remain very strong from a commercial property perspective and we look forward to our continued involvement through the new joint venture over the development land and ensure this strategic location continues to thrive in one of the UK’s strongest local economies.”
MREFIII was advised by Colliers International and Knight Frank advised Buccleuch Property and Scottish Enterprise.
Notes to editors
About Moorfield Group
Moorfield Group (Moorfield) is a UK real estate and related private equity fund manager, with some £2 billion currently under management through the Moorfield Real Estate Funds (MREFs).
Moorfield is the proactive asset, development, operational and financial manager of Traditional (retail, office and industrial) and Alternative (healthcare, leisure and residential) real estate investments.
Moorfield directly acquires single or multiple assets, or indirectly invests through corporate vehicles, including joint ventures. Moorfield supports entrepreneurial management teams that want to grow their real estate businesses or that want to take specific advantage of market opportunities.
Moorfield also provides mezzanine and structured finance solutions where appropriate as well as acquiring debt whether related to single asset, multiple asset or corporate structures.
For further information, visit: www.moorfield.com.
About Buccleuch Property
Buccleuch Property (www.buccleuchproperty.co.uk) represents the commercial property interests of Buccleuch Group with the core of its business within investment, development, strategic land and residential.
With offices in Edinburgh and London, Buccleuch Property has a market exposure of £350m through a UK wide investment portfolio and a range of development sites with a pipeline in excess of two million sq ft.
Buccleuch Property has four strategic joint ventures with Native Land, Queensberry, Longrose Buccleuch and Audley Retirement covering the residential, leisure and retirement sectors across the UK.
The business also has a portfolio of strategic land opportunities together with joint ventures in the US and Germany.