FORE Partnership, the real-estate investment manager catering to clients such as wealthy families, has completed the acquisition of New Telecom House, a landmark office building in Aberdeen and the manager’s first purchase in Scotland. 

New Telecom House is a 77,000 square feet office building adjacent to Aberdeen’s main railway station. British Telecom will be FORE’s principal tenant.

New Telecom House was sold at a yield of 9.25 per cent by Aviva’s Apia Regional Office Fund.

The firm said it has looked beyond London in pursuit of other, often more attractive, yield opportunities.

"While we are still actively buying in London, we are selectively looking at some of the main UK regional cities where rents appear to have bottomed out and yields are attractive. In fact, Aberdeen is only one of two provincial cities to have shown real rental growth since the financial crisis. We like this kind of niche transaction, which we find attractively priced with a solid tenant and the potential for rental growth. In the quest for safe havens, we think a lot of investors are overlooking these under-valued income opportunities,” said Basil Demeroutis, managing partner of FORE.

FORE is a subsidiary of Cording Group, an independent investment management house. Cording Group currently has €1.6 billion ($2.1 billion) under property and asset management, including €400 million of investment management mandates.