In 2011’s largest Edinburgh office investment sale, Edinburgh One has been acquired by Frankfurt-based investment fund Deka Immobilien GmbH in a £23.75 million deal. The seller was F&C REIT and the deal was concluded after competition from a number of UK and foreign bidders.
The building, which is located at 60 Morrison Street adjacent to the EICC, covers 55,022 sq ft. It has a 14-space basement car park and is leased by Scottish Widows Plc until 2021.
David Plummer of F&C REIT said: “We are pleased to achieve a successful sale in such a challenging market. This sale fits in with our strategy of recycling our client’s portfolio as we have been active in buying as well as selling of late.”
Steven Newlands of Cushman & Wakefield, who acted for F&C in the sale, said: “We specifically targeted international funds and received a number of proposals from investors attracted by the building’s sought after location in the prime Edinburgh Exchange District – and by having a great tenant like SWIP in residence. We are delighted to strike a deal with Deka.”
Savills acted for Deka.
