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Aberdeen Standard buys Clyde Gateway industrial estate

By Paul Norman - Wednesday, June 13, 2018 12:43

Aberdeen Standard Investments' Standard Life Pooled Property Pension Fund has bought a multi-let industrial estate at Glasgow's Clyde Gateway East from MEPC for £10.65m from MEPC, reflecting a yield of 6.1%.

The estate comprises four units as well as two plots that will be developed over the next 12 months in partnership with Clyde Gateway –the tie up between Glasgow City Council, South Lanarkshire Council and Scottish Enterprise.

The estate comprises 72,511 sq ft fully occupied by BT, Dentec Scotland, Glacier Energy Services Holdings and Greencore Food to Go. 

Clyde Gateway is a major regeneration project, focussed on 840ha on the east side of Glasgow.

David Stewart, Fund Manager for Aberdeen Standard Investments, said: “The acquisition of Clyde Gateway East provides the fund with an attractive income and the ability to add further value by developing the remaining plots. We will start development as soon as possible and are confident of attracting more high calibre businesses to Clyde Gateway East, given its accessible location within Greater Glasgow.”

Ian Manson, Chief Executive of Clyde Gateway said: “Clyde Gateway East is one of the few locations where industrial units have been built speculatively in recent years, and has been extremely successful in attracting high quality businesses to the area.

“We are delighted that such a high profile investor has recognised the fantastic business benefits on offer here. Aberdeen Standard Investments’ acquisition and commitment will further boost the ongoing physical, economic and social regeneration of the Clyde Gateway area, creating more jobs during both the construction phase and once the new units are occupied.”

James Dipple, chief executive of MEPC, said: “MEPC acquired its interest in Clyde Gateway East in 2011. Working closely with Clyde Gateway Developments Limited, the site has become an established business location. The sale of this non-core asset enables MEPC to focus on the prime estates that it develops and manages such as Milton Park Oxfordshire, Silverstone Park Northamptonshire and Wellington Place Leeds.”

The Standard Life Pooled Property Pension Fund was represented by Ryden. CBRE acted for MEPC.

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