A collection of buildings in Edinburgh city centre has changed hands in an investment deal worth almost £16 million.
Topland Group has acquired The Rutland Buildings in an off-market transaction from AWL Group.
The collection comprises some townhouse accommodation on Rutland Square, law firm DLA Piper’s Scottish headquarters and a retail unit fronting Shandwick Place – currently being fitted out as a new travel centre by Lothian Buses.
David Sanderson, investment manager at Topland, said: “We are thrilled with our acquisition which we managed to complete within six weeks and are pleased to have been able to acquire such a well-located asset in Scotland’s capital city.
“This property provides us with some solid income secured by a diverse range of quality occupiers in an undoubted micro-location within the capital city. We also feel it presents some medium-term asset management potential.”
CuthbertWhite advised Topland on the purchase and CBRE advised AWL Group. From a legal perspective, Dentons advised the purchaser and Shepherd & Wedderburn represented the vendor.
Stephen Kay, director of CuthbertWhite, said: “The lack of speculative office development coupled with strong tenant demand has made Edinburgh an attractive location to invest in and we are pleased to have identified this opportunity off market.
“While the market has been subdued by Brexit uncertainty, there are a significant number of office investment transactions going on under the radar, further underlying the investor confidence in the city.”
CuthbertWhite, which was established in 2011, has transacted in excess of £90m of Edinburgh office investments over the last 18 months, including 4-5 Lochside Way.