Aprirose, the real estate investment company, has added to its growing portfolio of industrial and logistics assets with a logistics acquisition in Altens, Aberdeen’s premier logistics park.
Located just two miles to the south of Aberdeen city centre, connected to the rest of Scotland and the UK by excellent air, rail, road and sea links, the development has been acquired from Titan Investors, with debt finance provided by Santander, for an undisclosed price.
The newly refurbished asset is comprised of two logistics units extending to 73,000 sq ft, along with 2.6 acres of net yard provision. The larger unit is let to FedEx on a 15-year lease with a fixed uplift followed by 5 yearly rent reviews in line with open market rent.
The acquisition closely follows a number of recent industrial additions to Aprirose’s growing portfolio, including a major glass manufacturing facility in Doncaster and a logistics unit in Haydock. The transaction illustrates the company’s successful ongoing execution of its strategy, targeting opportunistic prime industrial and logistics assets, alongside its focus on residential, hotel and alternative sectors.
Meenal Devani, Chief Investment Officer, Aprirose, said: “We are pleased to bring this asset into our growing logistics portfolio, especially given the tenant covenant strength and strategic location. The acquisition represents another example of our ability to identify and secure highly attractive, sought after properties in burgeoning growth markets the length and breadth of the UK.”