Union Investment has acquired around 14,700 sqm of office space in the center of Scotland’s capital, Edinburgh. The New Uberior House / Princes Exchange building complex is located in the Exchange District, an established office location characterized by international companies. The space is fully let to the Bank of Scotland. The purchase is made for the UII EuropeanM real estate special fund. The seller is MAS Real Estate Inc. The parties have agreed not to disclose the purchase price.
“The Exchange District is Edinburgh’s main business hub and a key location within the Scottish capital’s office market. Despite the corona pandemic, the office rental and investment market in Edinburgh is developing comparatively robustly. Attractive space is still scarce and demand is high, both on the rental market and on the investment market,” says Wolfgang Kessler, Managing Director of Union Investment Institutional Property GmbH.
The office ensemble consists of two interconnected components, the New Uberior House with a rental area of around 6,070 sqm and Princes Exchange with a rentable area of around 8,680 sqm. The rentable area is spread over the ground floor and five upper floors, with 175 parking spaces in the basement. The upper floors have spacious terraces, some with a view of Edinburgh Castle.
Union Investment received commercial advice from Lismore Real Estate, legal advice from Brodies and tax advice from CMS Tax. MAS Real Estate received tax and legal advice from DLA Piper (Scotland) and supported in the marketing of the property by Knight Frank.
Photo: Knight Frank
