Property Portfolio, Aberdeen
Advised Aberdeen Asset Management on the acquisition of a portfolio of long term ground leases comprising 14 office and industrial sites in Aberdeen. The sites totalled 11.9 hectares and were let to a wide range of tenants including prominent oil and gas companies such as Shell and Petrofac.
How was Ryden pro-active?
Our investment team worked closely with colleagues in the agency and professional groups to provide in-depth market research and expertise on the ground lease market. In particular the prospects for rental growth were closely examined following the first open market letting transaction for many years, which we handled for another fund client. Our long term historic involvement dealing with ground rent reviews in Aberdeen provided the client with a greater understanding of likely near term future investment performance of the asset.
Aberdeen Asset Management purchased the portfolio after a competitive closing date for £16.05m, reflecting net initial yield of 3.6% with excellent reversionary potential. Our professional team was retained to deal with future rent reviews.