MANCHESTER-based AM Sci Tech – a subsidiary of Hurstwood Holdings – has completed the acquisition of what has been described as ‘one of the most significant’ property deals in Aberdeen in the last decade.
The acquisition encompasses Aberdeen Energy Park and Aberdeen Innovation Park, two science parks in Bridge of Don comprising more than 13 buildings, ground leases, 120 occupier tenants and 100 acres of untapped development potential.
The parks were bought from Moorfield for an undisclosed sum. Both feature an array of industrial and multi-let office buildings as well as laboratories primarily tailored to support science, oil, gas, and related businesses.
Stephen Ashworth, chairman and CEO of Hurstwood Holdings, said, “I am delighted that we now have control of these two extremely important sites for the city of Aberdeen in Scotland, the energy capital of Europe. The UK must become more independent for its energy supply in the coming years, and Aberdeen plays an extremely important part in this journey. We are very excited about the future potential and prospects and extremely pleased to be playing our part in this as a UK-wide property company.”
AM Sci Tech’s acquisition secured the estates management team and associated services and contracts. Management will be overseen by the team in Aberdeen and Hurstwood Asset Management, which is based at Hurstwood’s head office in Manchester.
King Street Real Estate acted on behalf of AM Sci Tech in the acquisition. Ted Murray of King Street Real Estate added, “We believe Scotland has been significant oversold on the last decade, in particular Aberdeenshire. The government’s recent plans to grant new North Sea oil and gas licences will no doubt bolster demand for commercial space in the area and drive significant value for investors going forward.”
Ritchie Watson, corporate lending director at Together, which provided the funding for the deal, commented, “Seeing Hurstwood Holdings continue to go from strength to strength and building a 15-year strong relationship with Together has been incredibly rewarding for us. We look forward to working with them again in the future.”
King Street Real Estate acted as the broker and manager of the deal, while Burness Paul Scottish Law handled the legal aspects. Jayne Hindle, Hurstwood Group’s in-house lawyer and Julie Black, director and company secretary of Hurstwood Group worked alongside the brokers and legal teams to manage the deal. Knight Frank advised Moorfield.
