HFD sells CityPark1 in Aberdeen

HFD Property Group has sold its CityPark1 office development in Aberdeen to LCN Capital Partners for around £80m. The 216,000 sq ft offices were prelet to Wood and completed in January 2016. Wood will continue to lease the property after ownership is transferred. Edward LaPuma, co-founder of LCN, said CityPark1 will generate £6m of rental income per annum for the next 15 years. “We continue to seek high-quality, single-let, critical corporate property across the UK and Europe to add to our portfolio in our recently raised European Fund III,” he added. Stephen Lewis, managing director of HFD, said: “The sale of one of our developments is always a bittersweet moment for HFD. “While we’ll exit our ownership of the building, our long-term relationship with Wood continues as an occupier of other accommodation within our portfolio.” HFD was represented by Avison Young and LCN Capital Partners was advised by Cushman & Wakefield. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette