December 8, 2011
Highcross has completed the onward sale of two properties inAberdeen, which it acquired in June 2011 as part of the Ben Cleuch portfolio.
Cromarty House, a 23k sq ft office building in Aberdeen, together with a multi-let industrial estate in Altens, have been sold for a combined price of £8.875m, to a client of CBRE Global Investors.
During the short period of ownership, Highcross secured a ten-year lease extension to Det Norske Veritas at Cromarty House, Regents Quay. In addition, a new lease to Tuffnells Parcels Express was secured for the last three vacant units at Altens Industrial Estate, at a new headline rent for the estate of £8 per sq ft.
Mark Evans, who heads Highcross’ Scottish team comments: “We acquired assets with good letting prospects and the ability to work with existing occupiers to re-gear their current leases. We have completed the business plans for Cromarty and Altens I.E allowing us to exit the assets at an enhanced value”.
Highcross was advised by Tom Fulton of Colliers International who said: “Highcross has been extremely proactive in the short period since it acquired the portfolio and the onward sale of part to an institutional grade investor is a terrific result”.
Highcross has invested £314m so far this year in regional markets across the UK, including £27m on Scottish acquisitions. It has built a strong portfolio of office and industrial schemes in key locations in Aberdeen, Glasgowand Edinburghand is actively seeking further acquisitions.