London, 29 March 2018
PMM REF has completed its most recent transaction, providing a £12.0m mezzanine loan to LCN Capital Partners to purchase Aker Solutions’ headquarters for circa £114m.
The property comprises three interlinked buildings totalling 336,369 sq.ft. of Grade A offices, completed in 2014. The Property is located in Aberdeen International Business Park a master planned 1 million sq. ft. development situated on a 40-acre site next to Aberdeen Airport.
Aker took the property on a 20-year lease term to 2035 for a contracted rent of £7.74m, equating to £23.75 per sq ft with RPI linked rent reviews. The property serves as Aker’s UK headquarters and is considered a key location and administrative hub for the maintenance of oil platforms in the North Sea.
Gareth Williams, a partner of PMM REF commented:
“We are delighted to be able to support LCN in purchasing a high spec Grade A office property. The strength of the covenant, long dated nature of the income and expertise of the LCN provides us with excellent risk-reward.”
Ward Stocker, LCN, commented:
“PMM provided certainty of execution and worked collaboratively to turn the deal around in an efficient and very timely manner. We very much appreciate their approach and drive to get the deal done. We look forward to working with them in the future.”