Buccleuch Property and Moorfield Group have announced a new joint venture, Buccmoor LP. This was crystallised on receipt of planning permission from Aberdeen City Council for 48,000 sq m (500,000 sq ft) of industrial, office and warehouse accommodation on the Energy Park and follows Moorfield’s recent acquisition of the existing investment portfolio at Aberdeen Energy and Innovation Parks earlier this year.
The new joint venture will own 60 acres of development land, across both the Aberdeen Energy and Innovation Parks.Buccmoor will have a remit to invest in infrastructure to open up the wider expansion land at the Energy Park, as well as undertake speculative office and industrial development. It will also deliver ‘turnkey solutions’ to occupiers on both a lease and purchase basis.
Detailed applications will now be submitted on a phased basis to develop the wider expansion land at the Energy Park, in addition to the existing sites across both the Parks.
Sandy Smith, Development Director of Buccleuch Property said, “The market in Aberdeen continues to be buoyant and, as a result, we are looking forward to continuing our involvement in the Parks and the future expansion opportunities through our new JV.
“We see both market led and speculative development opportunities ahead at the Aberdeen Energy Park and the further expansion approval will allow us to meet the strong market demands in the city, and surrounds, including continued development to the amenities that are already in place.”
Mark Holmes, Fund Manager at Moorfield Group commented, “We are delighted to formalise this joint venture agreement, which brings together the combined strengths of both organisations.
“We have a solid track record of active investment across our entire portfolio and look forward to bringing this philosophy into play at Aberdeen Energy and Innovation Parks.
“Situated in prime locations within the dynamic Aberdeen market, we believe that the parks will benefit from further investment. We will seek to work together to develop the infrastructure and transform additional development sites into quality locations for new and existing occupiers.”
Notes to editors
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 a number of strategic joint ventures covering the commercial, 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.
About Moorfield (www.moorfield.com)
Moorfield Group (Moorfield) is a UK real estate and real estate 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 its traditional and alternative real estate investments.
We will directly acquire single or multiple assets, or indirectly invest through corporate vehicles, including joint ventures.
Moorfield will also support entrepreneurial management teams who want to grow their real estate and related businesses or who want to take specific advantage of market opportunities.
We are able to provide mezzanine and structured finance solutions where appropriate, as well as acquiring debt, whether related to single asset, multiple asset or corporate structure.