Drum Property Group has completed and sold the Lloyd’s Register office in Aberdeen for £43.2m to LCN Capital Partners.
The 102,000 sq ft office at Prime Four Business Park, Kingswells, was acquired as part of a build-to-suit transition.
The building is fully let to global engineering, technical and business services organisation Lloyd’s Register, with capacity for up to 900 employees.
Drum Property Group managing director Graeme Bone said: “Drum continues to experience strong interest in Prime Four from the UK and international investment markets and we are delighted to have concluded this transaction.
“We will continue to invest at Prime Four, with plans for an adjacent £100m retail park in addition to the further expansion of the business park with additional office complexes, services and amenities.”
Drum’s total investment at Prime Four to date exceeds £275m and will rise to £600m, with more than1.8m sq ft of commercial space being built.
Edward LaPuma, co-founder & managing partner at LCN Capital Partners, added: “Lloyd’s Register’s long-term commitment to this new Class A property fits perfectly with the long-term goals of our investing partners.”
FG Burnett, JLL and Ryden acted for Drum Property Group; Cushman & Wakefield, Victorios, Brodies, and Arendt & Medernach acted for LCN Capital Partners.
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