Aerium buys Bank of Scotland offices in Edinburgh

European real estate fund manager Aerium has acquired New Uberior House and Princes Exchange in Edinburgh from Invesco for £62 mln (€75 mln), reflecting a net initial yield of 6.29%.

Located in the heart of Edinburgh’s CBD, the two adjoining Grade A office buildings provide a total of 158,501 sq ft (14,725 m2) of space and are let in their entirety to Bank of Scotland, a wholly owned subsidiary of the Lloyds Banking group, for a further 12 years.

'This acquisition represents a return to regional investment for us at an exciting time in the UK market,' said Robin Carr, UK fund manager of Aerium.

He added: 'The acquisition of New Uberior House and Princes Exchange complements our existing prime regional holdings, which total £400 mln. We are now keen to move up the risk curve in the regional centres and are actively looking for refurbishment and redevelopment opportunities.'

CBRE acted for Aerium; Jones Lang Lasalle acted for Invesco.