Aberdeen Investments, on behalf of the Standard Life Pooled Pension Property Fund, has acquired the remaining three units at Clyde Gateway East for £10 million.
It says the 29-acre business park has rapidly become one of Central Scotland’s “most sought-after” industrial locations.
The acquisition consolidates Aberdeen’s holding in the site, with its initial acquisition in 2018 consisting of four let units and two development plots.
It comes as Aberdeen forecasts urban logistics will be one of the strongest performing sectors over the next three years.
The transaction comprises one vacant unit, with the others let to Turbine Services and Glacier Machining Solutions.
The Clyde Gateway development is a partnership between Glasgow City Council, South Lanarkshire Council, and Scottish Enterprise. It has attracted over £1 billion in private sector investment.
Following Aberdeen’s first acquisition, plots were leased to Network Rail, Eden Mill and Smith Brothers Stores. This was followed by the acquisition of a 50,000 sq. ft unit let to DHL in late 2020.
Commenting on the latest deal, David Stewart, fund manager for the property fund said: “The acquisition aligns with the fund strategy of investing in prime high-quality assets with superior ESG characteristics where we can add value through active asset management. It is an excellent addition to the growing portfolio.”
Martin McKay, chief executive at Clyde Gateway, described the sale as a landmark moment for Clyde Gateway and the regeneration of Glasgow’s east end.
“It reflects the strength of our place-making strategy and the confidence investors have in the vibrant, high-performing business community we’ve cultivated,” he said.
Funding support came from Scottish Enterprise and the Scottish Government.
Standard Life Pooled Pension Property Fund was advised on the acquisition by Ryden and CMS Cameron McKenna Nabarro Olswang. Clyde Gateway was represented by Avison Young and Burness Paull.
The Standard Life Pooled Pension Property Fund is a £1.83bn fund investing in UK real estate to provide long-term growth from a combination of income and capital appreciation.
The Fund is one of the larger owners of Industrial and logistics property in the UK with a portfolio comprising over 4.8 million square feet of space in 21 assets throughout the UK.
Aberdeen park approved
Arrowmere Capital, part of the Hurstwood Holdings Group, has secured planning permission for a £15 million industrial park in Dyce, Aberdeen.
The proposed scheme, designed by RGP Architects, will deliver 80,000 sq ft of industrial and warehouse space across five units, ranging from 10,000 sq ft to 18,000 sq ft.
It is situated on a 12-acre site within the established Kirkhill Industrial Estate, near Aberdeen Airport. Hurstwood Holdings acquired the site, formerly known as Craigievar House, in 2023.
Battery storage plan backed
Renewable energy storage specialist Apatura has received consent for a grid-scale battery energy storage system (BESS) near Clydebank.
The 29-hectare site is the eleventh BESS development that Apatura has secured planning permission for in the last two years.
With this latest approval, Apatura has now secured permission to build a combined total of more than 2.1GW in electricity storage capacity at sites across central Scotland.
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