Moorfield Real Estate Fund III (MREFIII), has acquired Aberdeen Energy & Innovation Parks from Buccleuch Property and Scottish Enterprise for £35.45 million (approx. €44 million).
Aberdeen Energy and Innovation Parks comprise 200,000 ft² (approx. 18.580 m²) of multi-let office and industrial accommodation for over 80 Bridge 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 ft² (approx. 46.451 m²) 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 organizations.”
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 realize the next phase of growth.”
MREFIII was advised by Colliers International and Knight Frank advised Buccleuch Property and Scottish Enterprise.