L&G buys Aberdeen offices

Posted on by Rob Powell

LEGAL & General’s Managed Property Fund has paid out over £50million for an Aberdeen office block.

The acquisition of Union Plaza office development from Union Plaza Limited Partnership, which is owned by the original developer – the Stewart Milne Group, in a deal valued at £54.8 million.

The office complex in Aberdeen’s Union Wynd, offers 122,012 sq ft of space, was built in 2008. Current tenants include Aberdeen Asset Management and GDF Suez Exploration & Production.

Mark Russell, senior fund manager at Legal & General Property, said: “This acquisition presents us with an increased exposure to growth from rising rental values.

“The strength of Aberdeen’s economy and its bias to the energy sector provides a strong platform for continued investment.”

Related: Offices in Aberdeen

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