Northern European investors Cording Real Estate Group has bought Edinburgh office block Westport 102 for £32.2m – a 6.2% yield.
It purchased the asset on behalf of Britannia Invest, an investment company for Danish pension funds for which Cording provides investment management services.
The 95,174 sq ft Westport 102 building is situated on a corner site fronting Westport between Lady Lawson Street and Lauriston Street.
It is 76% leased, and tenants include the Scottish Ministers and Audit Scotland Broadcom as well as a Sainsbury’s Local store on the ground floor.
The average rent on the office space is around £22 per sq ft. Three vacant office suites, totalling 22,774 sq ft, are available to let.
Ewan Montgomery, director of investment, London, at Cording, said: “This acquisition complements Britannia Invest’s portfolio and is in line with our strategy to focus on high-quality buildings with the potential to increase income in the strongest UK office markets.”
Cording Real Estate Group was advised by Lewis Ellis; the vendor was unrepresented.
