Aviva Investors has bought the Verity House office scheme in Edinburgh’s West End from Verity Trustees Ltd for just less than £5.5m, reflecting a yield of around 5.5%.
The 17,000 sq ft building is located on Haymarket Yards in Edinburgh’s financial district. It was extensively refurbished by The Pensions Trust in 2009 and is occupied by the Convention of Scottish Local Authorities, the body representing Scotland’s 32 councils.
Aviva has bought the scheme for its Lime Property Fund.
Alasdair Humphery, head of Scotland at Jones Lang LaSalle, which acted for Aviva Investors, said: “Verity House is located right in the heart of Edinburgh’s Exchange district. The building itself has been recently refurbished and is home to a strong tenant in COSLA.”
Renos Booth, fund manager of the Lime Property Fund at Aviva Investors, said: “The acquisition of another long lease inflation linked asset underpinned by the public sector further contributes to Lime’s position as the most secure investible income stream in the IPD index of real estate funds.”
Verity Trustees Ltd was represented by Ryden.
daniel.cunningham@estatesgazette.com
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