Friday, May 23, 2023
Brodies LLP complete flagship property deal in Aberdeen
Brodies LLP, the largest law firm headquartered and solely based in Scotland, has finalised the purchase of a flagship Aberdeen office in what is believed to be the city's biggest commercial property deal in almost ten years.
Brodies' award winning property team acted for Pramerica Real Estate, the German-based subsidiary of the US-based Prudential, in their acquisition of the building which is currently leased to BP as their Scottish headquarters.
Pramerica, who are a new client win for Brodies, have purchased the property from Goodman Property Investors for in excess of £50million. Commenting on the purchase, Nick Scott, partner at Brodies commented,
"This is comfortably one of the largest commercial property deals in Aberdeen in recent times and in the larger Scottish market this year. It's an encouraging sign given current market conditions, where falling values and lack of availability of debt have significantly reduced transaction volumes. Continental investors, particularly German funds, remain active in the UK market and we look forward to working on future deals this year. Whilst credit terms have tightened, and loan to value ratios have fallen quite a bit, many of our clients have no shortage of funds available to spend and the real issue for them is picking the right time to re-enter the market."
The property was recently developed by Akeler, who also retain land adjoining the property and this is expected to be developed in the coming years.
The deal is one of a number of landmark transactions for Brodies' property team, believed to be the largest real estate team in Scotland with 21 partners and over 80 solicitors. The firm also recently advised Propinvest on the largest single commercial property deal ever transacted in Scotland - the acquisition of East Kilbride Shopping Centre for in excess of £400m.
Established in 1999, Pramerica Real Estate Investors, Ltd focuses on higher returning strategies by making private investments in companies operating in the European real estate sector. The firm specialises in acquisitions and asset management of UK property on behalf of the group's global clients.
Brodies' award winning property team acted for Pramerica Real Estate, the German-based subsidiary of the US-based Prudential, in their acquisition of the building which is currently leased to BP as their Scottish headquarters.
Pramerica, who are a new client win for Brodies, have purchased the property from Goodman Property Investors for in excess of £50million. Commenting on the purchase, Nick Scott, partner at Brodies commented,
"This is comfortably one of the largest commercial property deals in Aberdeen in recent times and in the larger Scottish market this year. It's an encouraging sign given current market conditions, where falling values and lack of availability of debt have significantly reduced transaction volumes. Continental investors, particularly German funds, remain active in the UK market and we look forward to working on future deals this year. Whilst credit terms have tightened, and loan to value ratios have fallen quite a bit, many of our clients have no shortage of funds available to spend and the real issue for them is picking the right time to re-enter the market."
The property was recently developed by Akeler, who also retain land adjoining the property and this is expected to be developed in the coming years.
The deal is one of a number of landmark transactions for Brodies' property team, believed to be the largest real estate team in Scotland with 21 partners and over 80 solicitors. The firm also recently advised Propinvest on the largest single commercial property deal ever transacted in Scotland - the acquisition of East Kilbride Shopping Centre for in excess of £400m.
Established in 1999, Pramerica Real Estate Investors, Ltd focuses on higher returning strategies by making private investments in companies operating in the European real estate sector. The firm specialises in acquisitions and asset management of UK property on behalf of the group's global clients.
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