L&G buys Aberdeen offices
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
This entry was posted in Aberdeenshire. Bookmark the permalink.