Hermes Real Estate Investment Management Limited (HREIML) has completed the acquisition of The Exchange No 1 & No 2 in Aberdeen for GBP21m from the Rockspring Hanover Property Unit Trust.
The Exchange No 1 & No 2 offers a total of 82,172 sq ft of modern office accommodation and is fully let. Located in Aberdeen city centre opposite the harbour, occupiers include The UK Offshore Oil and Gas Industry Association, Griffin Marine Travel Limited and Noble Denton Consultants, a service provider for the oil and gas industry.
The city centre offices are within easy reach of Scotland’s motorway network and Aberdeen Airport.
Chris Taylor, chief executive of HREIML, says: “With an occupier market that has remained buoyant over the past five years and with tight supply and demand dynamics, Aberdeen is an interesting market. We will focus on maximising this potential at The Exchange through continued alignment of occupiers within the local economy, underpinned by the energy sector. Our existing expertise in the Scottish office markets, as well as a proactive asset management strategy, will ensure we unlock the full potential of the building.”
Mischa Davis, Rockspring Hanover fund manager, says: “Following the successful completion of a number of significant asset management and leasing activities in the building in line with our business plan, we have taken the opportunity to capitalise on the strength of the Aberdeen market and recycle the capital.”
HREIML was represented by Montagu Evans. Deloitte acted on behalf of Rockspring.