Aberdeen Asset Management has aquired an office building in southwest London from Rockspring Property Investment Managers.
Aberdeen Asset Management has aquired an office building in southwest London from Rockspring Property Investment Managers.
The investment volume of £31 mln (€37 mln), reflects a net initial yield of 6.8%.
Aberdeen was acting on behalf of an institutional client.
The property, Kings and Conquest House, is located in Kingston-Upon-Thames in southwest London.
The building was the largest of five buildings which made up the 23,400 m2 St Martin’s South East office portfolio acquired by Rockspring’s UK Value Fund in February 2011. Rockspring undertook a substantial refurbishment programme at the asset to provide 8,300 m2 of Grade A offices. The office space was pre-let to Saipem, a multinational oil company, as its UK headquarters, on a 15-year lease.
Rockspring’s UK Value Fund was launched in 2009 to take tactical advantage of the significant re-pricing in the UK property market. The closed-ended fund has built a portfolio of retail, office and student accommodation in diverse locations throughout the UK totalling in excess of £450m.
Rockspring was advised by Montagu Evans and Aberdeen Asset Management was represented by Savills.
