Deka Immobilien has completed its purchase of Atria, a prime office-led scheme in Edinburgh’s exchange district, from Edinburgh Council for £105.25m.
The scheme’s two buildings total 200,000 sq ft of office and retail space, which is let to multiple tenants including PwC, Brewing Dolphin and IBM.
John Heaver, director of Savills, which advised Deka in the deal, said: “Located in the Exchange District, Atria Edinburgh is arguably the best office building in the city and satisfies Deka’s requirement for modern, high-quality prime offices in leading UK cities.
“The leasing fundamentals in Edinburgh, where demand for prime office space increased by 44% in 2015, are encouraging for the vacant accommodation. Moreover, Deka was attracted to the comparable good value as Scotland’s investment market continues to trade at a discount to the rest of the UK.”
Savills advised Deka jointly with CBRE and HBJGateley; Montagu Evans, JLL and Shepherd & Wedderburn acted for the City of Edinburgh Council.
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