Aerium acquires Bank of Scotland office buildings in Edinburgh
Aerium, the European real estate fund manager, is to acquire New Uberior House and Princes Exchange in Edinburgh from Invesco for GBP61.75m reflecting a net initial yield of 6.29 per cent.
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 sqm) of space and are let in their entirety to Bank of Scotland plc, a wholly owned subsidiary of the Lloyds Banking group, for a further 12 years.
Robin Carr, UK fund manager of Aerium, says: “This acquisition represents a return to regional investment for us at an exciting time in the UK market. The acquisition of New Uberior House and Princes Exchange complements our existing prime regional holdings, which total approximately £400m. 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.
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