Warner Estate Holdings and Morley Fund Management have announced the acquisition of St Magnus House in Aberdeen on behalf of the Apia Regional Office Fund from Stainton Capital for £23.7 mln (EUR 35 mln). The transaction reflects a net initial yield of 5.6%, increasing to 5.88% on completion of a newly created car space letting. St Magnus House is a city centre building overlooking Aberdeen Harbour and provides 80,180 square feet (7,449 m2) of refurbished office space over six floors. There are 129 parking spaces.
Warner Estate Holdings and Morley Fund Management have announced the acquisition of St Magnus House in Aberdeen on behalf of the Apia Regional Office Fund from Stainton Capital for £23.7 mln (EUR 35 mln). The transaction reflects a net initial yield of 5.6%, increasing to 5.88% on completion of a newly created car space letting. St Magnus House is a city centre building overlooking Aberdeen Harbour and provides 80,180 square feet (7,449 m2) of refurbished office space over six floors. There are 129 parking spaces.
The property is fully let to CNR International (UK), Lundin Thistle, the ministries of the Scottish Executive and Nestor Primecare Services. The current rental income of 1.44 mln per annum equates to a low average rate of 18 per square foot.
Apia Regional Office Fund is asset managed by Warner Estate and fund managed by Morley Fund Management.
