Sharia-compliant Gatehouse Bank has bought Aberdeen’s largest office development for £59.9m.
The 159,170 sq ft building is fully leased, housing the North Sea office headquarters of oil & gas giant Petrofac and NHS offices. The building is let with a 14 year average weighted unexpired lease term and will provide a net initial yield of 7.15%.
Gatehouse Bank acquired Bridge View and Consort House, two interlinking buildings, from Northern Irish private investor Ulster Estates. The direct investment will enable Gatehouse Bank to benefit from strong rental growth in the Aberdeen office market, which is suffering from a shortage of grade-A stock with large floor-plates, according to Gatehouse Bank’s vice president of real estate, Scott Nicol.
Last month the bank bought a £22.4m industrial warehouse in Glasgow, the second acquisition for its Sterling United Kingdom Real Estate Fund (SURF). SURF has a target equity size of £100m, and is a joint fund managed by Gatehouse Bank and Saudi Arabia’s Sidra Capital.
London-headquartered Gatehouse Bank has international real estate assets worth more than £350m.
Sophia.furber@estatesgazette.com
