On behalf of a consortium of syndicated equity purchasers, Cedarwood have purchased a small industrial and office investment on Minto Drive, Altens Industrial Estate Aberdeen for £1.325 million.

The property comprises a low density warehouse building and yard totalling 8,000 sqft and let to Aggrekko with 8.5 years unexpired, and a detached self contained office building comprising 2,729 sqft let to BJ Services, a subsidiary of Baker Hughes.

The invesment produces a healthy coupon in excess of 8.8% and a prjected IRR of 14.1%. Cedarwood will look to extend the lease with Aggreko and either extend the lease with BJ Services, or potentially re-let and then sell the office building.