UKCPT bags 3 Aberdeen business park sites

Guernsey-based UK Commercial Property Trust Limited (UKCPT) has agreed to buy a mix of unfinished office and warehouse buildings in Aberdeen Gateway Business Park for £48 mln (€58 mln).

The three sites in the south of the city, which are developed by Muir Group, come with a net initial yield of 6%, guaranteed rental uplifts and an average lease of 19 years.

The buildings are all due for completion in the second half of 2014, and include a 1,6820 m2 warehouse development, a 2,322 m2 office building and a 5,574 m2 mixed office and warehouse site.

The sites are pre-let to Total E&P, Ensco Services and Tetra Technologies respectively. All three work in the city’s energy sector.

‘Occupational demand from the energy sector in Aberdeen remains strong as occupiers consolidate multiple and dated facilities into modern efficient accommodation,’ claimed Muir Group’s development director Ewan Black.