German fund manager KanAm Grund Group has acquired a mixed–use asset in the Scottish capital Edinburgh on behalf of a German pension fund, die Ärzteversorgung Westfalen-Lippe (ÄVWL), from anchor tenant Aberdeen Standard.
Financial details were not disclosed, although media reports suggested a £130 mln price tag (€148 mln).
Located in St Andrew Square, the asset comprises office space, restaurants and a retail outlet. Fully let on long-term leases, the 17,000 m2 property was completed in 2016 with a BREEAM excellent rating, and represents Standard Life Aberdeen's Scottish headquarters.
The property is within direct proximity of the new James shopping centre, which is due to open next year.
Further tenants include retail chain TK Maxx, plus restaurants The Refinery, The Ivy, Vapiano, Wagamama and Gaucho.
The buyer is a property fund whose main investor is the Ärzteversorgung Westfalen-Lippe (ÄVWL). The ÄVWL is an institution of the Medical Association of Westphalia-Lippe and is one of Germany’s largest occupational pension funds.
With assets under management of €13.8 bn at present, including real estate investments of around €3.0 bn (equity at market values), the ÄVWL is responsible for the pensions of 60,000 members and retirees.
KanAm Grund executed the deal through the investment and asset management platform KanAm Grund REAM and will also be in charge of the asset management.
