Drum Property Group has completed the construction of a 102,000 square foot office at Prime Four Business Park, Kingswells, Aberdeen which LCN Capital Partners has acquired as part of a build-to-suit transaction for £43.2m.
The purpose-built complex is let on a long term lease to Lloyd’s Register, the global engineering, technical and business services organisation, and has 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 are also pleased to have worked with LCN in establishing a long term relationship between all parties. They are easy to work with and set themselves apart as having complete discretion.
“Importantly, this latest deal is testament to our commitment to focusing on exemplar architectural, design and service culture principles at the park, which continues to prove largely immune to the cyclical vagaries of the Oil and Gas market.
“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 than 1.8 million sq. ft. of commercial accommodation being built once the park is completed.
Edward LaPuma, Co-Founder & Managing Partner at LCN Capital Partners added: “We distinguish ourselves in build-to-suit transactions across North America and Europe by being able to forward fund or close upon completion, and by offering our tenant-clients flexible solutions.
“We are pleased with our new relationship with Lloyds Register and know that they have benefitted from the extensive knowledge and development expertise of Drum Property Group.
“Lloyds Register’s long-term commitment to this new Class A property fits perfectly with the long-term goals of our investing partners, i.e. pension funds and insurers.”
FG Burnett, JLL and Ryden acted for Drum Property Group.
Cushman & Wakefield, Victorios, Brodies, and Arendt & Medernach acted for LCN Capital Partners.