City development for sale
Bank of Scotland offices on market for £80m
The building was due to be sold to Korean investors
Bank of Scotland’s office building in Tollcross, Edinburgh has been put on the market with an asking price of £80 million.
Princes Exchange and New Uberior House was previously under offer to Korean investors through an off-market deal, according to trade sources, but owner, the Johannesburg-listed MAS Holdings, is seeking other interested parties.
Offloading the building is purely a “board decision”, a source told Property Week. “The reasons can be quite varied, but I think sellers often adjust portfolios to reflect the risk and attitude to risk.”
The 158,000 sq ft building is let to Bank of Scotland over several leases, all of which expire in December 2025 and has an annual passing rent of about £4.2m.
Roebuck Asset Management bought the development on behalf of MAS Holdings, a subsidiary of MAS Real Estate, for £71m in 2018, reflecting a net initial yield of 5.81%, the report said.
Knight Frank is acting for MAS Holdings.