STANDARD Life Aberdeen’s HQ in Edinburgh has been acquired by a German pension fund.

KanAm Grund Group has exchanged contracts to acquire 4-8 St Andrew Square, Edinburgh, part of a substantial mixed use asset assembled by Aberdeen Standard Investments (ASI) and developed by them in conjunction with Peveril Securities.

TK Maxx and restaurant and bar outlets including Vapiano, The Refinery, The Ivy, Wagamama and Gaucho are also tenants.

The development has been acquired on behalf of German pension fund, ÄVWL, one of the country’s largest funds, with assets under management of €13.8 billion.

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Prior to the sale, the fund agreed a lease variation with Standard Life Aberdeen for period of 20 years, “reaffirming its commitment to the building”.

Around 60 per cent of the income is derived from the offices with the remaining form the retail and restaurants.

David Stewart, fund manager, Aberdeen Standard Investments, said: “We have retained the period buildings forming 1-3 St Andrew Square as long term investments and remain confident in the future success of the area.”

Ralph Jones, of Peveril Securities, said: “As one of the most important Scottish developments in recent years, the scheme led the renaissance of St Andrew Square and the surrounding area.”