Tuesday, 28 July 2015
Aberdeen sells its stake in St George Industrial Estate (UK)
A client of Aberdeen Asset Management PLC has successfully sold its freehold interest in St George’s Industrial Estate, Camberley to Surrey Heath Borough Council. Aberdeen, who originally developed the estate in the mid-1980’s, agreed a sale price of £8 mln (approx. €11.24 mln).
St George’s Industrial Estate is situated in a well-established mixed use employment area of Camberley, attracting numerous national and local business occupiers including Brandon Hire, Virgin Media, and City Electrical. The estate comprises 23 trade counter and light industrial units extending to a gross internal area of approximately 4,473 m² (approx. 48,147 ft²). It occupies a site of 1.08 hectares (2.68 acres).
Andrew Mears, partner at Gerald Eve who advised Aberdeen, said: “Multi let industrial estates, such as St George’s Industrial Estate, have continued to generate competitive bidding, especially for those located in the South East and Greater London. The attraction to investors remains the strengthening occupational market, offering good prospects for rental growth, which is driving anticipated property performance.”
Aberdeen was advised by Gerald Eve. Surrey Heath Borough Council was represented by Hurst Warne.