Rockspring Property Investment Managers announces that, on behalf of The Cheshire Pension Fund, it has acquired Riverside House in Aberdeen in an off-market transaction for £11.5 million (approx. 13 million) reflecting a net initial yield of 8%.
Constructed in 2002, Riverside House is a multi-let grade-A office building consisting of 52,745 ft² (approx. 4,900 m²) of lettable space. The property is located to the west of Riverside Drive overlooking the River Dee and in close proximity to the regenerated harbour area and Union Square shopping center development. The building is currently fully let to Talisman Energy, Scottish Ministers and AWG Business Centres Ltd.
Rockspring was represented by FG Burnett.
Michael Pryer, Associate Partner at Rockspring, said: "Riverside House allows our client to gain exposure to a strong regional office market in the UK. Given the asset's prime location and tenant covenant strength, we are confident it will deliver long-term capital and income growth."