SCOTLAND'S flagging commercial property investment sector has been given a major boost with the purchase for £93 million of the Scottish Equitable headquarters at Edinburgh Park. It has been bought by another insurance giant, PRUPRIM, on behalf of its annuity fund, Prudential Retirement Income, and sold by the Aegon UK Property Fund. Scottish Equitable will now take a 30-year lease on the 263,191sq ft property. PRUPRIM was advised by Michael Rogers Whitehouse and Bushe Gower, Aegon by King S
PSCA International, provider of public-sector information and publisher of sector publications including the Defence Management Journal, the PPP Journal and Public Servant magazine, has chosen Commercial Quay in Leith as the location for its first
Scottish office. It has taken 2,350sq ft at £37,600 a year. Ryden and DTZ acted for the landlord, GE Real Estate, with PSCA self-represented.
HIGHCROSS Property Fund Management, advised by Jones Lang LaSalle, has bought from Kenmore (advised by Sanders Cartwright) for £2.2m the Dundyvan Industrial Estate at Coatbridge. The estate includes 40,224sq ft of industrial space across 29 units and the deal follows the fund manager's acquisition of six sites in Scotland last year.
LEEDS-BASED Business Homes, developer of small business parks in the UK, has acquired for an undisclosed sum a 1.7-acre development site on the landmark Cardonald Business Park near Glasgow airport in an off-market deal brokered by DTZ. It plans to build six office pavilions. The vendor was another Leeds-based company, Shepherd Developments.
ATISREAL, acting for itself, has completed a letting at Hanover Buildings, Rose Street, Edinburgh, to VF Services UK, a subsidiary of Kuoni Travel. The travel company has taken at £43,500 a year 1,896sq ft previously occupied by Fuller Pesier before its merger with Atisreal in 2006. CB Richard Ellis acted for VF.
CITY Site Estates has relocated from 53 Bothwell Street, Glasgow, to a 4,239sq ft suite in 145 St Vincent Street – and, in an off-market deal, the Health and Safety Executive (HSE) has taken the 10,000sq ft it has vacated in Bothwell Street on a 15-year lease. HSE is moving from its Glasgow base at 375 West George Street. DTZ and GVA Grimley advised City Site Estates.
• Send deals details to jimdow@lumison.co.uk
The full article contains 392 words and appears in The Scotsman newspaper.
