Dunedin Property has sold The Stones at South Gyle Business Park, Edinburgh, for £35.54 mln (EUR 52 mln). Jones Lang LaSalle (JLL) acted as advisor for the seller. The trio of buildings, which are occupied by the Royal Bank of Scotland, have been purchased by Premier Diversified Property Fund at a net yield of 5.76%. Each of the buildings is occupied by RBS.
Dunedin Property has sold The Stones at South Gyle Business Park, Edinburgh, for £35.54 mln (EUR 52 mln). Jones Lang LaSalle (JLL) acted as advisor for the seller. The trio of buildings, which are occupied by the Royal Bank of Scotland, have been purchased by Premier Diversified Property Fund at a net yield of 5.76%. Each of the buildings is occupied by RBS.
Alasdair Humphery, head of office at Jones Lang LaSalle Edinburgh, said: 'This sale is one of the biggest deals of its kind for some time and reflects the increasing confidence in the area. There was significant international interest in The Stones. Ultimately more than six bids were tabled and the deal was concluded within three weeks.'
Scott Gibson, director of Dunedin, said: 'We decided to sell The Stones as we are active investors. The West Edinburgh office market continues to improve, so we will be concentrating on refurbishment & lettings of the core of South Gyle Business Park, where we will have suites from 3,000-12,000 sq ft available later in 2007.'
Premier Diversified Property Fund was represented by Lewis & Partners of London.