AVISON Young has acted on the off-market acquisition of two modern prime DPD industrial units for around £20 million, on behalf of its client Aberdeen Standard Investments.
The stand-alone units were purchased from real estate investment company Riverside Capital who had previously bought the two buildings in separate transactions back in 2016. Riverside Capital were represented by Galbraith LLP and Levy Real Estate.
Located at Badentoy North Industrial Park, Aberdeen, and Network 46 in Swinderby Industrial Estate, Lincoln, the properties comprise of two modern logistic units, both extending to 43,000 square feet with un-expired terms of 20 years and 15 years respectively.
Stuart Agnew, Managing Director at Avison Young, Edinburgh said:
“We are delighted to have represented Aberdeen Standard Investments in this off-market acquisition in a sector that continues to show strength and resilience. Both units are in excellent accessible locations ideal for the parcel delivery/logistics sector where there is continuing strong occupational and investor demand.”
Geoff Hepburn, Deputy Fund Manager at Aberdeen Standard Investments said:
“We are pleased to have completed these off-market acquisitions, especially as the market this year has been particularly aggressive and competitive. Both the quality of the real estate and the tenant function sit very well within our target sectors and offer our client secure income with growth potential.”