LCN scouts for prospects as Wood office deal completes
Sold: Sir Ian Wood House
LCN Capital Partners said it is on the lookout for new opportunities across the UK and Europe after completing the biggest deal in north east Scotland this year.
The company has acquired Sir Ian Wood House in Altens, Aberdeen – head office of the oil services company Wood Group – for circa £80m.
LCN says it currently has more than €1.5bn of buying power and continues to seek high quality sale-leaseback and build-to-suit investments.
The Sir Ian Wood House deal, which was announced in November, is the third acquisition in the city by the New York-based private investment firm. It follows the build-to-suit acquisition of the Aker Solutions UK Campus in 2018, and the Lloyds Register building in Prime Four in 2017. LCN also has offices in Amsterdam, London and Luxembourg.
Located on CityPark, just south of Aberdeen City Centre, Sir Ian Wood House is named after the Wood Group’s former chairman.
Vendor HFD Property Group completed the development in 2016 and this year, in conjunction with LCN Capital Partners, negotiated a new 15 year lease with the oil services firm whose 2,000 employees occupy the entire 216,000 sq ft of floorspace.
With more than £6 million of rental income per annum for the next 15 years, CityPark1 will provide secure, long-term income to a strong covenant in Wood.