Korea’s Hyundai Asset Management has bought Gyle Square, 1 South Gyle Crescent in Edinburgh for £55.2m, from Greenridge.
The office building is let to NHS National Services Scotland, which has fully occupied the property since it was constructed in 2003, under a lease that runs until June 2029.
London-based Greenridge Investment Management sold the 148,796 sq ft property less than three years after acquiring it from Highland Properties, which had developed the offices on the site of the former BAE Systems factory.
Hyundai borrowed £35.9m in a three-year secured loan from UK-based lenders.
The Korean investor rolled out its first public real estate fund and raised money from individual investors in South Korea to support the acquisition of Gyle Square.
The fund has a term of three-and-a-half years and will be listed on the Korea Stock Exchange.
Ereira Mendoza and 9 West advised Hyundai on the deal.
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