AM Sci Tech - a subsidiary of Hurstwood Holdings - has completed the acquisition of the Bridge of Don-based Aberdeen Energy Park and Aberdeen Innovation Park.
The 100 acre grounds found in Bridge of Don compromise of 120 occupier tenants, with both parks featuring an array of 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, expressed his enthusiasm for this milestone: "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."
Management of the facility will be overseen by AM Sci Tech's Aberdeen-based team and Hurstwood Asset Management.
Ashworth added: "Through considered and strongly focused asset management, the Parks have significant potential to improve its current income profile, which we believe could exceed £100 million in the next 10 years."
King Street Real Estate acted on behalf of AM Sci Tech in the acquisition.
Ted Murray, of King Street Real Estate, said: "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.
"The parks themselves are made up of 13 office, laboratory and industrial buildings. Comprising 100 separate occupational and ground leases, we are delighted to have advised on such a highly complex transaction through to a successful conclusion. We look forward to a continuing involvement and working closing with HAM to realise the business plan over the coming years."
Ritchie Watson, Corporate Lending Director at Together, which provided the funding for the deal, said: "We are delighted to have been able to work with the AM Sci Tech team to provide the multi million pound funding needed to complete the purchase.
"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."