Introduction
The subjects comprise 192,837 sq. ft at Farburn Industrial Estate, Dyce, Aberdeen and are occupied by BP. BP built its first offices in Dyce in 1974 at Farburn Industrial Estate, which it extended over the course of the 1970s and 80s. It moved into the current premises on Wellheads Avenue in 2008, with the prominent new building becoming a base for circa 1,200 employees and contractors.
MFMac was instructed by David Samuel Properties to complete the due diligence and subsequent acquisition from Coal Pension Properties. The acquisition completed in March 2024.
David Samuel Properties is a Manchester based Investment Firm with significant assets under management throughout the UK.
Key highlights:
- Acquisition of heritable (freehold) interest in the property from Coal Pension Properties at circa £16 Million
- Due diligence
- An opportunity to support with the ongoing management of the asset
- The MFMac team working closely with the clients and other external advisers to drive the client's strategic objectives
Conclusion
This was an acquisition by David Samuel Properties of a significant property in the North East and Scottish economy. It allowed MFMac to support key client, David Samuel Properties, by working together with clients, their agents, and other advisers to complete this acquisition within the agreed timetable.
As we move through Q3 and into the rest of 2024 there are genuine signs that activity levels in the institutional investment market are improving. While there are nuances affecting values in every sector of the investment market in Scotland this transaction is perhaps a sign of improving confidence in the investment market. In the first 4 months of 2024, MFMac has acted on acquisitions and disposals of assets in Aberdeen with an aggregate value of circa £60 Million.
