British Airways Pension Fund has bought St Magnus House in Aberdeen for £18.3m – an 8.66% yield.
The fund has acquired the 80,180 sq ft office block located on Guild Street, overlooking Aberdeen harbour, from the Apia Regional Office Fund, which is managed by Aviva Investors.
The property was built in the mid-1980s and is let to CNR International (UK), a Canadian oil company, at a rent of £1.67m pa until May 2020, incorporating a tenant break option in 2016.
Ryden advised Apia and CBRE represented the purchaser.
lisa.pilkington@estatesgazette.com
