Union Investment has acquired approximately 14,700 sq m of office space in the centre of Edinburgh. The New Uberior House/Princes Exchange complex is situated in the Exchange District, an established office location that is home to many multinational companies. The space is fully let to the Bank of Scotland. The acquisition is being made on behalf of special real estate fund UII EuropeanM. The vendor is MAS Real Estate Inc. The purchase price was not disclosed.
The office ensemble consists of two interconnected buildings – New Uberior House with some 6,070 sq m of rental space and Princes Exchange containing around 8,680 sq m. The lettable space is split across the ground floor and five upper storeys and there is parking for 175 cars on the basement level. The upper floors feature spacious terraces, some of which have views of Edinburgh Castle.
“The Exchange District is Edinburgh’s main business district and a key location within the Scottish capital’s office market. Edinburgh’s office letting and investment market is performing comparatively robustly despite the Covid-19 pandemic. Attractive space continues to be in short supply and demand is high, both in terms of tenant interest and investment,” says Wolfgang Kessler, a member of the management team at Union Investment Institutional Property GmbH.
Source : Union Investment