Ærium acquires prime Aberdeen office asset for £50.1 million (UK)

Ærium, the European real estate fund manager, is pleased to announce that it has acquired iQ, a newly developed prime office building on Justice Mill Lane in the center of Aberdeen for £50.1 million (approx. €57 million) on behalf of Glenn Arrow, Aerium's UK trophy office fund.

Completed at the end of 2010 by the Hazledene Group, the property provides 125,500 ft² (11,625 m²) of new flexible grade-A office space across six floors together with 252 car parking spaces.

The asset is fully let to two leading companies operating within the oil and gas industries. Centrica occupies 59,500 ft² and Wood Group has the remaining 66,000 ft², both on 15-year leases.

Commenting, Robin Carr, UK Fund Director of Ærium said: "iQ is a prime asset which provides high quality long term income in the strong sub market of Aberdeen, which has outperformed other regional markets because of its strategic position as a base for North Sea oil, gas and renewable energy businesses.

"This purchase is consistent with our strategy of stock picking assets with strong fundamentals located in regional markets which provide good quality long term income."

CBRE acted for Ærium. Ryden and Donald Begg advised Hazledene

Source: FD

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