Sydney & Crewe Toll, a subsidiary of Sydney & London Properties, has acquired Deutsche Bank House (pictured), in Edinburgh for £29m, reflecting an initial yield of 7.5%.
The deal is one of the largest investment deal in the Scottish capital this year.
The 100,000 sq ft (9,290 sq m) building, owned by Deutsche Bank prior to this deal, is let to World Markets, part of the State Street Group, for £2.3m pa, or £21.50 per sq ft (£231 per sq m).
The building is let until 2018, with a World Markets having a break option in 2013.
Ryden advised Sydney & Crewe Toll, while Jones Lang LaSalle represented Deutsche Bank.
References: EGi News 03/09/03
