A £60m deal which saw a major pension fund purchase Scotland’s first large purpose built PRS development has been named the deal of the year at the Scottish Property Awards.
Premium developer Dandara and LaSalle Investment Management were announced as winners following their collaboration in the sale of Forbes Place in Aberdeen, to a major UK pension fund client of LaSalle – the first deal of its kind north of the border.
An independent judging panel of 18 experts from across the commercial and public property sector in Scotland were responsible for selecting finalists across a range of categories, and presided over the ceremony in Edinburgh.
The deal of the year award was decided by a public vote, with Dandara and LaSalle triumphing over another six competing major transactions.
Gavin Wyley, managing director of Dandara in Scotland, said: “We are honoured to receive this prestigious award in partnership with LaSalle, for what is a pioneering development and deal for the Aberdeen and Scottish property industry.
“It represents a step-change in the delivery of private rental sector accommodation in Scotland, and was the first investment in the sector in Scotland by a major London-based institutional investor.
“This deal enabled us to deliver 292 new homes of the highest standard in only 23 months, leading the way for institutional investment in Scotland’s growing PRS sector.”
Steve Spray, fund manager at LaSalle Investment Management said: “The quality of the homes that Dandara has created at Forbes Place is superb and the strong lease-up reflects its uniqueness in Aberdeen.
“LaSalle is a leading global investor in the PRS sector but this was our first deal in the UK and we have already followed it with several others in what we believe will grow into a major institutional investment class here.”
The development of 292 apartments and 16 townhouses was designed and constructed by Dandara specifically for the private rental sector, and its subsidiary, Dandara Living, has been retained by LaSalle to operate the lettings, customer service and ongoing facilities management of the development on its behalf.
Forbes Place’s apartments and townhouses are situated within the grounds of Dandara’s new Stoneywood estate community in the energy capital of Europe.
Aimed at the medium-occupancy market, which for years relied on the hotel sector in Aberdeen, Forbes Place has attracted significant attention from the energy industry, with more than 40 per cent of lets secured from businesses looking for accommodation for personnel.
To find out more about Forbes Place visit: www.forbesplace.com. For information about LaSalle Investment Management visit: www.lasalle.com