BP Pension Fund has bought Interpoint, an office building in Edinburgh’s Haymarket district, from Aviva Investors.
The deal, valued at £19m, reflected a net initial yield of 6.43%. The 47,921 sq ft single-let building, at 22 Haymarket Yards, is let to pensions and insurance firm Royal London Mutual Assurance Society until 2029.
Rod Leslie, director in the commercial investment team at Savills in Edinburgh, which advised the fund on the deal, said: “Interpoint represented an excellent opportunity to acquire a prime Grade A office investment in the capital, where the supply of office stock is extremely limited and rents are rapidly rising.
“The strength of the location has been further endorsed by M&G’s commitment to Haymarket, which is fast becoming a new prime business and commercial quarter within the city core.”
JLL advised Aviva.
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