The Exchange Place 1 office block in the centre of Edinburgh’s financial hub has been bought by a German investment fund for £47 million.
Fund manager Aberdeen Asset Management (AAM) sold the building to GLL Real Estate Partners Pan European Property Fund in what is described as the biggest Scottish commercial property sale of the year so far.
Nick Ireland, co-head of UK direct property at AAM, 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.”
Brought to the market by AAM early last year, JLL and Cushman and Wakefield acted jointly on the lettings and the sale of Exchange Place 1, which is fully let to tenants including BlackRock and Evans Cycles. GVA James Barr acted for GLL on the purchase.
Completed in 2009, Exchange Place comprises three separate office buildings, totalling close to 215,000 square feet. AAM’s disposal of Exchange Place 1, which follows the sale of Exchange Place 2 and 3 earlier this year, brings the combined total for the campus to £83m.