Stewart Milne Developments has completed the sale of its Acergy Development in Westhill, Aberdeen to a commercial property fund managed by real estate investment managers, PRUPIM, for £36 million.
Reflecting a net initial yield of 7.1 per cent, the transaction represents the biggest commercial development sale in Aberdeen for nearly two years and is indicative of the growing early signs of recovery in the property market.
Development of the 17 acre site was completed in October 2008 creating a headquarters campus for seabed to surface engineering and construction company, Acergy UK Limited, on a 20-year lease. The campus comprises four buildings set in extensive landscaped grounds with the main office premises set around a central lochan, and includes an engineering workshop and staff leisure facilities.
Stewart Milne Developments was represented by Ryden, with Lewis Ellis acting for PRUPIM.
Commenting on the sale, Malcolm Deans, managing director of Stewart Milne Developments, said: “This is a flagship development, completed to a high standard and incorporating a number of environmental and energy saving features, which we delivered in partnership with Stewart Milne Construction. Acergy UK carries an excellent covenant and this sale fits well with our strategy of acquisition, development and ultimate realisation of investment potential.”
“The sale of Acergy further strengthens our position to take advantage of the opportunities which are likely to come forward in the next 12/24 months and enable the business to expand as the market recovers.”