TWO extensive science parks in Aberdeen have changed hands in what has been hailed as one of the most significant property deals in the city in the last decade.
Aberdeen Energy Park and Aberdeen Innovation Park in Bridge of Don, which comprise more than 13 buildings, ground leases, 120 occupier tenants and 100 acres of untapped development, have been sold by Moorefield to AM Sci Tech, a subsidiary of Hurstwood Holdings, for an undisclosed sum.
Both parks feature a wide of traditional industrial and multi-let office buildings as well as laboratories, primarily tailored to support science, oil, gas, and related businesses. The deal is said to solidify Hurstwood as one of the most prominent property owners in Aberdeen.
Stephen Ashworth, chairman and chief executive of Hurstwood, said: "I am delighted that we now have control of these two extremely important sites for the city of Aberdeen in Scotland, the energy capital of Europe.
"The UK must become more independent for its energy supply in the coming years, and Aberdeen plays an extremely important part in this journey. We are very excited about the future potential and prospects and extremely pleased to be playing our part in this as a UK-wide property company."
AM Sci Tech has secured the estates management team and associated services and contracts as part of the acquisition. Further to the deal, management of the parks will be overseen by the team in Aberdeen and Hurstwood Asset Management, which is based at Hurstwood’s head office in Peter Street, Manchester.
Mr Ashworth added: “Through considered and strongly focused asset management, the Parks have significant potential to improve its current income profile, which we believe could exceed £100 million in the next 10 years.”
King Street Real Estate acted on behalf of AM Sci Tech in the acquisition. Ted Murray of King Street Real Estate said: “We believe Scotland has been significant oversold on the last decade, in particular Aberdeenshire. The government’s recent plans to grant new North sea oil and gas licences will no doubt bolster demand for commercial space in the area and drive significant value for investors going forward.
“The parks themselves are made up of 13 office, laboratory, and industrial buildings. Comprising 100 separate occupational and ground leases, we are delighted to have advised on such a highly complex transaction through to a successful conclusion. We look forward to a continuing involvement and working closing with HAM to realise the business plan over the coming years.”
Ritchie Watson, corporate lending director at Together, which provided the funding for the deal, said: “We are delighted to have been able to work with the AM Sci Tech team to provide the multi-million-pound funding needed to complete the purchase. Seeing Hurstwood Holdings continue to go from strength to strength and building a 15-year strong relationship with Together has been incredibly rewarding for us. We look forward to working with them again in the future.”
King Street Real Estate acted as the broker and manager of the deal, while Burness Paul Scottish Law handled the legal aspects. Jayne Hindle, Hurstwood's in-house lawyer and Julie Black, director and company secretary of Hurstwood Group worked with the brokers and legal teams to manage the deal. Knight Frank advised Moorfield.
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