KanAm Grund Group has bought Standard Life Aberdeen’s Scottish headquarters building on behalf of German pension fund Ärzteversorgung Westfalen-Lippe (ÄVWL).
KanAm said it acquired the fully-let 17,000sqm mixed-use asset with office space, restaurants and a retail outlet on 4-8 St Andrew Square in Edinburgh from Aberdeen Standard Investments (ASI) for an undisclosed sum.
KanAm bought the property on behalf of ÄVWL through the investment and asset management platform KanAm Grund REAM and will also be in charge of the asset management.
The main tenant of 4-8 St Andrew Square is Standard Life Aberdeen, who use the property as their Scottish headquarters.
4-8 St Andrew Square is part of a substantial mixed-use asset assembled by ASI and developed by them in conjunction with Peveril Securities. The joint venture development was originally completed in 2016 on behalf of the Standard Life Pooled Property Pension Fund.
David Stewart, fund manager, Aberdeen Standard Investments, said: “The development and sale has been a resounding financial success for investors within the Standard Life Pooled Pension Property Fund.”
Stewart said ASI has retained the period buildings forming 1-3 St Andrew Square as long term investments and remain confident in the future success of the area.
Ralph Jones, Peveril Securities said: “The sale marks the successful completion of the joint venture with ASI and the business plan for the development.
“As one of the most important Scottish developments in recent years, the scheme led the renaissance of St Andrew Square and the surrounding area.”