Aberdeen Asset Management has withdrawn the £85m Exchange Place in Edinburgh from the market amid Brexit concerns.
The 214,655 sq ft office, which was put up for sale in January through JLL, has been taken off the market until after a decision regarding Britain’s future in the EU has been made.
Market sources said the withdrawal was a bellwether for the Scottish investment market.
Apam’s plans to sell its 292,000 sq ft City Park in Glasgow have also been put on hold. JLL was instructed to sell the asset last year with a £37m price tag, but the investment manager is now reconsidering its options.
At an EG debate at MIPIM this week, held in conjunction with BNP Paribas Real Estate, James Lass, fund manager for Schroders’ UK Real Estate Fund, said: “There are a number of investors waiting and not buying if they don’t have to and it is the same on the sell side, where they are not selling unless they really need to. There is some inertia in the market but there is still substantial interest from overseas.”
The Scottish Property Alliance remained confident in inward investment in the country, launching more than £7bn of opportunities at MIPIM.
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