Property round-up

RigQuip and Union Plaza; Waterloo St; Royal Mail

Union Plaza: refurbished

Drilling equipment firm RigQuip is the latest tenant to move into the newly-refurbished Union Plaza office building in Aberdeen.

RiqQuip has signed a five-year lease agreement with owner LGIM Real Assets (Legal & General). 

RigQuip has relocated from Dyce to a ground floor office suite measuring 2,336 sq ft.

LGIM Real Assets’ has invested £1.75m in the building in conjunction with Legal & General’s flexible leasing initiative, Capsule, to meet demand for more flexible workspace in the city.

Waterloo St offices full

Castleforge Partners has announced its final two lettings at the 58 Waterloo Street office building in Glasgow, resulting in the building becoming fully let.

Taylor Hopkinson, a recruitment firm specialising in the renewable energy sector, has taken the entire second floor, extending to 3,842 sq ft including a private terrace, on a ten year lease.  The firm is relocating from existing premises in iNovo on George Street.

Global renewable energy company BayWa r.e. secured the last remaining suite, extending to 1,989 sq ft on the third floor, on a five year lease.

Sorting office sold

Hines, the international real estate firm, has acquired the Royal Mail sorting warehouse in Edinburgh from RPMI RailPen for around £25m through its Hines Global Income Trust.

The 215,745 sq ft facility, occupied by Royal Mail, is located on Edinburgh’s Sighthill Industrial Estate adjacent to Hermiston Gait Retail Park to the west end of the city. The property serves as the collection and sorting point for all mail from the east side of Scotland and employs over 700 people on site.

The acquisition marks the third investment in UK logistics assets by Hines Global in 2019. Hines Global acquired a 139,387 sq ft asset in Milton Keynes, occupied by men’s clothing retailer Charles Tyrwhitt, and a 270,248 sq ft distribution facility in Bristol, occupied by DSG Retail, last month.

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