Invesco Real Estate has confirmed the purchase of New Uberior House and Princes Exchange in Edinburgh from the Crown Estate.
Acting on behalf of iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK), the deal was completed for £55.7m – a 7% yield.
The adjoining buildings extend to a total of 158,501 sq ft and are entirety let to Bank of Scotland, which has 16.5 years remaining on its lease on FRI terms.
New Uberior House provides the group’s corporate headquarters.
Colin Finlayson, investment director at Jones Lang LaSalle which advised the purchaser, said: “This is a significant transaction for Edinburgh and is one of the highest profile transactions in the UK regions this year.
“The purchase is reflective of investor appetite for prime, well-let properties. The Exchange District continues to attract investor interest from both overseas and UK-domiciled investors and our clients have secured this property at an attractive yield, in the face of strong competition.”
DTZ and Anderson Strathern acted for The Crown Estate.
