Standard Life Investments has sold 23 St Andrew Square in Edinburgh's city centre to Corob Holdings for £10 mln (EUR 15 mln). The deal reflects a net initial yield of 4.5%.
Standard Life Investments has sold 23 St Andrew Square in Edinburgh's city centre to Corob Holdings for £10 mln (EUR 15 mln). The deal reflects a net initial yield of 4.5%.
The five-storey building comprises a stunning Georgian townhouse connected to a modern open-plan office extension completed in 2000. The building is located on the north side of the square which features a number of elegant Georgian townhouses that include IBM, the Royal Bank of Scotland and Scottish & Newcastle among their tenants. The 1,690 m2 office building is let to First State Investment Services (UK) until 2020 at a rent of £472,500 per annum.
Kenny Waitt, of Jones Lang LaSalle, representing Standard Life Investments, said: 'The opportunity to buy into one of the Capital's most prestigious business addresses proved popular with a broad spectrum of investors. Corob Holdings was successful in the face of strong competition, which included UK, German and Swiss investors. In recent years, we have seen the re-development of the bus centre, the opening of Harvey Nichols and the creation of Multrees Walk. The east end of the city is undergoing a major renaissance and this deal reflects its popularity as a business location.' Jones Lang LaSalle acted for Standard Life Investments, while Hammond Phillips advised Corob Holdings.