Sigma finally completes City Wharf purchase in Aberdeen
Friday, May 16, 2008
Sigma Capital, the specialist investment management and advisory group, has sealed the seventh property acquisition by its property subsidiary, Strategic Investment Management (SI).
Sigma originally announced details of the exchange of contracts for the acquisition of the City Wharf development in Aberdeen on 12 November 2007. However, its completion, which had originally been expected to take place by the end of 2007, was delayed due to market conditions.
On full capitalisation, SI's seventh limited partnership is expected to generate gross revenue of £3.1 million for Sigma in 2008. The total consideration for this development property is approximately £40m and is being funded by bank debt and third party investor equity.
To date, SI has established six other limited partnerships, with the amount of funds previously raised totalling £264 million.
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