Aberdeen Asset Management has completed the acquisition of an office campus at Heathrow Airport in an off-market transaction with Stow Capital Partners.
Financial details were not disclosed. The purchase was made on behalf of Airport Industrial Property Unit Trust (AIPUT).
The office campus consists of Stratus House, Cirrus House and Hetherington House, three adjoining office buildings located in Stanwell in the southern area of the airport. The buildings of 45,000 sq ft (4,180 m2) are set over a site of three acres, and let to airport-related service providers, Swissport International and British Mediterranean Airways (part of the IAG Group).
The new acquisition takes AIPUT's ownership of cargo warehouse and airport related assets to over 2.1 million sq ft at Heathrow.
'AIPUT's latest acquisition fits with the trust's strategy to focus on high-quality assets at Heathrow that offer excellent growth opportunities for our investors and that extend the service offer of the airport,' said Nick Smith, fund manager for AIPUT.
Julian Milne, managing director of Stow UK, said: 'Stow’s business is now focused on London’s West End and the sale of the Bedfont Road properties to AIPUT represents an important step in our strategy of disposing of non-core assets to enable us to pursue new opportunities in the West End and make further investment in our Mayfair portfolio.'
AIPUT was represented by Eversheds. Stow UK was represented by Mischon de Reya.
