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Aberdeen industrial investment sale

Key Property Investments, the joint venture between St Modwen Properties PLC and Salhia Real Estate Co., has sold the long leasehold interest in a 2,322 sq m (25,000 sq ft) industrial building next to Aberdeen Airport for £1,686,500 to Sydney & London, private property investment company, at an initial yield of 7.29%.

The property was acquired by Key Property in December as a part of the acquisition of a £113 million portfolio from Alstom.

The disposal followed the assignment of the lease of the property from Alstom to Siemens in conjunction with the sale of Alstom’s small turbines division to Siemens.

Steve Prosser of St Modwen said: “The sale is in conformity with St Modwen’s policy of realising investments to which it can itself not add significant value.”

King Sturge acted for KPI and Lambert Smith Hampton represented the buyer.

For further information contact Steve Prosser on 01925 825950. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).