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£133m acquisition

Aegon offices acquired in one of year’s top deals

Office deal is one of biggest this year (pic: Terry Murden)

M&G, owner of the Edinburgh Gyle offices occupied by pensions and wealth management group Aegon, has sold the building to Hyundai Asset Management and Roebuck, Asset Management.

The £133.25 million deal, which had been forecast earlier this month, represents one of the biggest regional office deals this year.

The 247,500 sq ft property is let to Aegon for a further 17 years.

The acquisition team including Dentons, Ereira Mendoza, Centridge Partners and Sheridan Property Consultants managed to stabilise all areas of the transaction over the UK’s lockdown, enabling the purchase to continue.

Nick Rhodes, managing partner at Roebuck Asset Management, said: “1-3 Lochside Crescent represents an exceptional investment opportunity, secured against robust credit and providing annual rental inflation.

“Edinburgh remains a highly attractive investment location offering favourable demand and supply dynamics.

“With the continued occupier requirements and future development constraints, we anticipate further evolution of these positive market trends.

“This will be the seventh transaction Roebuck have completed with South Korean investors and the second in Scotland.”

Hyundai Asset Management completed the acquisition of 1 South Gyle Crescent in Edinburgh for £55.17 million last year.

Aberdeen venture

An Aberdeen’s commercial property investment and development specialist has launched an independent consultancy with more than £100 million of potential transactions lined up over the next 18 months.

Gordon Pirie has left his role as a director in the city’s branch of CBRE to set up Gordon Pirie & Company.

Mr Pirie will continue working alongside his former colleagues on some larger-scale projects.

More than ten clients are already lined up to work jointly with the new business and CBRE, including First Endeavour, Aberdeen Standard Investments, Aviva, Titan Investors and Dandara.

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