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German investor signs up

Last of Exchange Place offices finds buyer

Exchange Place 1A final block in a trio of Grade A city centre offices in Edinburgh’s financial hub, has been sold for £47 million to a German investment fund.

Exchange Place 1 has been bought by GLL Real Estate Partners Pan European Property Fund. It has an NIY yield of 5.57%, making it the biggest Scottish commercial property sale of 2017 so far.

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.

Completed in 2009, Exchange Place comprises three multi-let office buildings, totalling close to 215,000 sq ft. The three buildings have together been sold for £83m.

Nick Ireland, co-head, UK direct property at Aberdeen Asset Management said: “The sale of Exchange Place 1 has brought this successful long term project to a close for us.

“We were delighted with the quality of the tenants we secured and the level of investor interest clearly demonstrates the strength of demand for high quality assets in a strong city such as Edinburgh.”

GVA James Barr acted for GLL.

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