Prupim spend £36 million in major Aberdeen deal

A commercial property fund managed by real estate investment managers Prupim has acquired has the Acergy Development in Westhill, Aberdeen from Stewart Milne Developments for £36 mln (EUR 41.3 mln).

Reflecting a net initial yield of 7.1 per cent, the transaction represents the biggest commercial development sale in Aberdeen for nearly two years and is indicative of the growing early signs of recovery in the property market.

Development of the 17 acre site was completed in October 2008 creating a headquarters campus for seabed to surface engineering and construction company, Acergy UK Limited, on a 20-year lease. The campus comprises four buildings set in extensive landscaped grounds with the main office premises set around a central lochan, and includes an engineering workshop and staff leisure facilities.

Stewart Milne Developments was represented by Ryden, with Lewis Ellis acting for Prupim.