Rockspring acquires Aberdeen offices

Rockspring Property Investment Managers, on behalf of The Cheshire Pension Fund, has acquired office space in Aberdeen at Riverside House in an off market transaction for £11.5m reflecting a net initial yield of 8%.

Constructed in 2002, Riverside House is a multi let grade A office building consisting of 52,745 sq ft of lettable space. The property is located to the west of Riverside Drive overlooking the River Dee and in close proximity to the regenerated harbour area and Union Square shopping centre development.  The building is currently fully let to Talisman Energy, Scottish Ministers and AWG Business Centres Ltd.

Michael Pryer, Associate Partner at Rockspring said: “Riverside House allows our client to gain exposure to a strong regional office market in the UK. Given the asset’s prime location and tenant covenant strength, we are confident it will deliver long-term capital and income growth.”

The investment manager has been particularly active over the last few months, latterly completing phase one of the UK’s first ever Solar Parks, located on a former World War II airfield at Rockspring’s Westcott Venture Park in Buckinghamshire. Earlier in June, together with development partner Exton Estates, it was granted planning permission for a new development of 103,600 sq ft of office space in Weybridge, Surrey, at The Arrows Site, Brooklands, and in May it completed around £20m of transactions on behalf of its Retail Plus Fund, which included the acquisition of 50,800 sq ft of predominantly office space in Shrewsbury town centre.

In April Rockspring secured Regus as a tenant at No 1 Bell Street, its recently completed £5m development of office space in Maidenhead, Berkshire, and in March Rockspring made its first purchase on behalf of South Korea's National Pension Service Fund with the acquisition of office space in the City of London at 63 St Mary Axe.

February saw the acquisition of a portfolio of offices in Surrey from St Martins for almost £48m. The purchases were made on behalf of the Rockspring UK Value Fund. Multi-let to tenants which include Reed Exhibitions and Clydesdale Bank the five offices are in Richmond, Kingston, Guildford and Crawley.

In January this year Rockspring purchased a speculative redevelopment scheme comprising 61,000 sq ft of office space in the Square Mile with its acquisition of Centurion House for £22.05m, and late last year Rockspring completed on the £5m purchase of office space in West London, at Highbridge Park in Uxbridge, in one of the area’s only speculative office developments in recent times.

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Posted by Julie