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AB1 office building sold by Aberdeen Standard Investments for £13.495m

22nd January 2019

Acting on behalf of Aberdeen Standard Investments, Ryden has completed the sale of the AB1 office building in Aberdeen to ADAPT Real Estate for UKRO for £13.495m, reflecting a net initial yield of 7.85%. Savills advised ADAPT.

AB1 was refurbished by Aberdeen Standard Investments in 2015 to provide 47,400 sq ft of Grade A office accommodation and was subsequently let to six tenants including five government departments and agencies.

The sale created strong interest from across the market spectrum with funds, REITs, propcos and overseas investors all running the rule over the opportunity, which highlights the growing positive sentiment for investment opportunities in the city.

Ken Shaw, Ryden's Investment Partner in Aberdeen said " With AB1 being the first multi-let office building to be offered in the market for over 5 years it was a difficult sale to predict but the secure income and quality refurbishment against the background of an improving local economy combined to generate interest.

“The price achieved was well ahead of expectations but will also give UKRO a very attractive return relative to other UK centres."

Categories Investment

Ken Shaw

Ken has over 30 years’ experience of commercial property and is Head of Ryden’s Investment & Finance Group. Prior to joining our Aberdeen office in 1991, Ken worked in Glasgow and London dealing with Agency, Professional and Project Co-ordination work. In Aberdeen he has concentrated solely on the transactional side of the business, being initially responsible for occupational agency. 

In 2001 he was promoted to Partner and the following year he moved to the Investment & Finance Group to develop the firm’s investment business in the North of Scotland.

He is the most experienced investment agent currently based in Aberdeen, having advised on over £1.25 billion of investment transactions.

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