LaSalle shells out £60m on Aberdeen housing project

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A RESIDENTIAL development aimed at workers in Aberdeen’s energy sector has changed hands for almost £60 million.

Property investment manager LaSalle has bought the Forbes Place site, comprising 292 flats and townhouses, from developer Dandara, which said the deal marked a “significant investment” in the city’s private rented sector (PRS).

A housing development for energy workers in Aberdeen has been sold to Lasalle for 60 million pounds. Picture: AP

A housing development for energy workers in Aberdeen has been sold to Lasalle for 60 million pounds. Picture: AP

Gavin Wyley, managing director of Dandara in Aberdeen, said: “Forbes Place was designed specifically for the PRS and we are pleased to secure this deal with LaSalle as it makes its first move into this sector on behalf of a large pension fund client who was looking for an opportunity to purchase a purpose-built-and-maintained development in a major business location.”

The site, within the Stoneywood estate, is close to Aberdeen airport and is targeted at providing medium-term accommodation for staff at the likes of BP and Aker Solutions.

Andrew Stanford, LaSalle’s UK residential fund manager, said: “Our growth in the residential sector comes off the back of increasing demand for high-quality rented housing coupled with attractive long-term real returns, which creates a compelling case for investment.

“Large-scale investment by pension funds has an important role to play in improving the quality of housing stock, as well as the choice and service for tenant customers. LaSalle has substantial client funds available for investment in PRS.”

• Property group NewRiver Retail has paid £69m for a portfolio of 13 sites, including Leafield Road in Dumfries – occupied by homewares chain The Range – and Auchinlea Retail Park in Glasgow. Chief executive David Lockhart said: “We are confident that this acquisition will add significant long-term value for our shareholders.”