Fri, 10/01/2014 - 12:14
Legal & General Property (LGP), on behalf of its Managed Property Fund, has completed the acquisition of Union Plaza in Aberdeen from The Union Plaza Limited Partnership for a total consideration of GBP54.82m.
The purchase price reflects a net initial yield of 6.3 per cent.
Completed in 2008, Union Plaza is a grade A, multi-let office building comprising 122,012 sq ft of office accommodation arranged over ground and six upper floors. A total of 224 car spaces in a two-storey secure underground parking facility offers one of the most attractive parking ratios in the city centre.
Situated on Union Wynd in a prime city centre location, it is close to Union Street, Aberdeen’s principal retailing thoroughfare and benefits from easy access to the city’s retail and leisure offer, as well as its railway and bus stations. The building is currently multi-let to eight different tenants on 10 leases, with a weighted average unexpired lease term of 9.2 years.
Mark Russell, senior fund manager at Legal & General Property, says: “This acquisition presents us with an increased exposure to growth from rising rental values. The strength of Aberdeen's economy and its bias to the energy sector provides a strong platform for continued investment. We expect the consequential growth of the city and the businesses located there to offer opportunities to drive rents on the best space, and Union Plaza is well positioned in this regard.”
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