Highcross moves in to Silverburn

PROPERTY fund manager Highcross has bought Silverburn House, an office block and leisure centre in Aberdeen, for £16.3 million.

By The Newsroom

Published 5th Dec 2010, 18:58 BST

Updated 6th Dec 2010, 20:54 BST

The deal represented an initial yield of 10.03 per cent, rising to 11.08 per cent in 2012.

Mark Evans, of Highcross, said: "Aberdeen is a market that we have great experience of and we are extremely pleased to have acquired this significant asset in the city for our latest fund.

"We are now looking at further, added value, opportunities in Aberdeen of a similar nature to Silverburn House."

Highcross raised about 450m in 2008 for its third UK property fund.

Aberdeen