FORE Partnership (FORE), the private investment club for family offices, part of the Cording Group, has completed the acquisition of New Telecom House.
The deal is FORE’s first acquisition in Scotland.
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The club-deal property offering has gained traction with wealthy families that are disillusioned with traditional funds but who find it challenging to source and execute attractive commercial real estate investments on their own.
FORE has been looking at deploying capital outside of popular central London locations as it "seeks out value in an increasingly complex investment market".
Basil Demeroutis, managing partner of FORE said: "We prefer to move out the risk curve and invest around themes that are less crowded, such as regional opportunities like this one. While we are still actively buying in London, we are selectively looking at some of the main UK regional cities where rents appear to have bottomed out and yields are attractive.
"In fact, Aberdeen is only one of two provincial cities to have shown real rental growth since the financial crisis. We like this kind of niche transaction, which we find attractively priced with a solid tenant and the potential for rental growth. In the quest for safe havens, we think a lot of investors are overlooking these under-valued income opportunities."
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