Menzies Aviation offices acquired by asset manager
The unit is let to aviation cargo handling firm Menzies
An office block at Edinburgh Park, currently let to John Menzies Aviation, has been sold in a £10.3 million deal.
Regional REIT has acquired the 43,676 sq ft unit over 3 floors which has a contracted rent of £880,000 a year and provides a net initial yield of 8% with 3.75 years to lease expiry.
Stephen Inglis, chief executive of the asset manager, London and Scottish Property Investment Management, said: “This is a prime asset in the best position on the internationally renowned Edinburgh Business Park.
“It is let to a quality tenant and we have been able to take advantage of uncertainty in the UK political and economic outlook at the time of agreeing this deal.
“This has allowed us to acquire an asset on a Park dominated by large institutional investors and a market that was simply not previously within our reach given our investment criteria and returns requirements.”
Regional REIT is a real estate investment specialist focused on building a diverse portfolio of income producing regional UK core and core plus office and industrial property assets,