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Palmer Capital Acquires £11.9m Aberdeen Ground Rent Portfolio

Image for Palmer Capital Acquires £11.9m Aberdeen Ground Rent Portfolio

Palmer Capital, in conjunction with Manse LLP, are delighted to announce the acquisition of a portfolio of 38 assets acquired for £11.9m from  Aberdeen Harbour Board.

The portfolio has been acquired on behalf of the Palmer Capital Income Fund as a long term hold with various opportunities for value creation across individual assets within the portfolio.

Located adjacent to the city centre and railway station, the portfolio extends across 12.6 acres and provides a variety of uses including grade A office buildings, industrial units, a petrol filling station and various other roadside users.  The average unexpired lease term is 60.4 years. and the leases are subject to upward only rent reviews, typically every fourth year.

Rupert Sheldon, Director, Head of Core REIM at Palmer Capital commented “This acquisition is a good match for the fund as it provides a long and secure income stream but also enables various value add initiatives over the longer term”

David Mitchell, Managing Partner, Manse LLP commented ”Aberdeen has been a happy hunting ground for Manse in the past five years having completed successful projects in the industrial, residential and office sectors.  We are excited about becoming involved in another major project in Aberdeen and remain keen to secure further opportunities in the city”

Shepherds advised Aberdeen Harbour Board and GVA advised the Palmer Capital Income Fund and Manse LLP.