FINANCE: Standard Life Investments Pooled Pension Property Fund and its joint venture partner, Peveril Securities, have agreed to prelet the whole of the £75m St Andrew Square development in Edinburgh.
The fund has let 108,000 sq ft of office space over five floors on a 15-year lease to Standard Life Investments on a rent of £30 per sq ft.
Standard Life Investments will use the building in addition to its existing headquarters in the city at 1 George Street. Over 1,000 people are expected to move into the building, which is currently under construction, in 2017.
The £2.7bn fund bought the site in February this year.
