Edinburgh-based Ediston Properties buys office blocks in Aberdeen and Birmingham

By PETER RANSCOMBE
Published on 26/11/2012 00:00

EDISTON Properties has teamed up with Europa Capital to buy a pair of office and retail blocks in Aberdeen and Birmingham for a total of £22 million.

Edinburgh-based Ediston bought Caledonian House on Aberdeen’s Union Street from Premier Property and took over St Philip’s Point in Birmingham from LPA Receiver on behalf of Lloyds Bank.

The firm plans to refurbish the 53,868 sq ft Caledonian House, whose offices are leased to Wood Group engineering subsidiary JP Kenny, during 2015.

The 97,469 sq ft, 11-storey St Philip’s Point, near Birmingham cathedral, is let to six tenants.

Ediston secured £50m of lending from Royal Bank of Scotland in May to finance its expansion.

Projects in which the firm is also involved include building a speculative grade-A office block on Edinburgh’s Morrison Street; refurbishing the Heathfield Retail Park in Ayr; and constructing the Broadway Two office development in Glasgow, having leased Broadway One to Tesco Personal Finance.

Daniel O’Neill, of Ediston, said: “We are pleased to have completed the purchase of both properties and that both Europa Capital and RBS – which provided debt on both assets – have once again backed our strategy of buying very well-located buildings.”