Landmark building New Telecom House changes hands

A PRIVATE investment club has acquired a landmark Aberdeen office building from Aviva’s Apia Regional Office Fund for an undisclosed sum.

The Fore Partnership said the purchase of ten-storey New Telecom House was its first in Scotland and that it chose to invest in Aberdeen because it is “only one of two provincial cities to have shown real rental growth since the financial crisis”.

Fore, which was founded by investment firm Cording Group last year, said it has been looking at assets outside central London as it “seeks out value in an increasingly complex investment market”.

Basil Demeroutis, managing partner, said: “We prefer to move out the risk curve and invest around themes that are less crowded, such as regional opportunities like this one.”