Real estate investment in Scotland posted its best third quarter for five years at £426m, according to new analysis from Lismore Real Estate Advisors.
The firm said notable deals included Pontegadea’s £42.5m acquisition of the Mint Building, 42 St Andrew Square, Edinburgh, from Hines; Aviva’s purchase of a PBSA scheme at 31 Gilbert Street, Glasgow, from PVP Developments for £23m; and Iroko Zen’s £50.4m acquisition of 122 Waterloo Street, Glasgow, from Knight Frank Investment Management.
Lismore associate Chris Thornton said: “Change is in the air, and we have not seen this sort of pricing in the market for several years. While it is very much focused at the prime end of the market, off reversionary rents with strong ESG credentials, it does feel like a watershed moment.
“We are seeing more solidity in pricing, and even some hardening, but very specifically focused at the very prime end of sectors. Recent high-profile sales have established stronger pricing for Edinburgh offices and central belt logistics, and long-leased PBSA has found a new, stronger level.”
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