The global asset management business of insurer Aviva is investing £22.4m (€25.7m) in a forward funding deal to buy a Scottish office asset.
Aviva Investors said it has agreed to buy the first office facilities at Kildean Business Park in Stirling currently being developed by Stirling Development Agency, a joint venture between Cromwell Property and Stirling Council.
The Kildean Business Park development comprises 39 acres of mixed-use facilities and office buildings, ranging in size from small business units to large headquarters.
Aviva Investors said the acquired office building, which will offer 77,000sq ft of lettable office space, is scheduled for completion in mid-2022 and is pre-let to M&G on a 20-year lease.
Renos Booth, head of real estate long income at Aviva Investors, said: “The development has been developed with sustainability and ESG considerations featuring prominently in the design process, something we are particularly mindful of as we continue to decarbonise our Real Assets portfolio.
“Not only should this benefit the local community, we believe it should also add a layer of future-proofing and therefore offer enhanced income resilience for our clients over the long-term.”
Matthew Bird, head of UK at Cromwell Property, said: “We are delighted to have been able to complete this transaction with Aviva Investors, which marks another important milestone in our long-term involvement with Stirling Council and the Stirling Development Agency.”
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