A GERMAN investment fund has completed the purchase of a key Grade A office in Edinburgh for £47 million from Aberdeen Asset Management.
The sale of Exchange Place 1, together with the sale of Exchange Place 2 and 3 earlier this year, brings the combined total for the office campus in the financial district to £83m.
With a net initial yield of 5.57 per cent, the deal becomes the biggest Scottish commercial property sale to date this year.
The deal follows a strong 2016 for the commercial property market in Edinburgh, which saw £1.78 billion worth of transactions.
Brought to the market by Aberdeen Asset Management early last year, JLL and Cushman and Wakefield acted jointly on the lettings and the sale of Exchange Place 1. The building is fully let to tenants including BlackRock, Hymans Robertson, Cameron Hume, Cundall Johnston and Evans Cycles. GVA James Barr acting for GLL.
Exchange Place was completed in 2009.
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