European real estate fund manager Ærium has acquired a new office building in the centre of Aberdeen for £50.1 mln (EUR 56 mln). Ærium carried out the transaction on behalf of its trophy fund Glenn Arrow. The vendor was Scottish development group Hazledene Group.

Completed at the end-2010, the office property known as 'iQ' is located on Justice Mill Lane in the centre of the city. The building offers 11,625 m2 of Grade A office space across six floors together with 252 car parking spaces.

The asset is fully let to two leading companies operating within the oil and gas industries.

CBRE acted for Ærium. Ryden and Donald Begg advised Hazledene.

Ærium has over EUR 7 bn of property assets under management across Europe. The Glenn Arrow UK Property Fund is a core-plus fund targeting UK and more precisely London trophy office and retail assets. The fund has a capacity to invest over £600 mln.