London-based Cording Real Estate has acquired an office building in Edinburgh鈥檚 main office district for 拢32.2 mln (鈧�44.3 mln), reflecting a net initial yield of 6.2%.
London-based Cording Real Estate has acquired an office building in Edinburgh鈥檚 main office district for 拢32.2 mln (鈧�44.3 mln), reflecting a net initial yield of 6.2%.
Cording is a northern European real estate investment and asset manager with 鈧�2.4 bn of assets under management in the UK, Germany, Scandinavia and the Benelux region. It carried out the latest transaction on behalf of Britannia Invest, an investment company for Danish pension funds.
The property, Westport 102, is located in Edinburgh鈥檚 Exchange District, adjacent to Edinburgh Castle.
Westport 102 comprises 95,174 sq ft (8,260 m2), of which 76% is leased. Tenants include Scottish government departments, Audit Scotland and Broadcom, as well as a Sainsburys local store on the ground floor. The average rent on the office space is around 拢22.00 per square foot. There are three vacant office suites available to let, totalling 22,774 sq ft.
Ewan Montgomery, director of investment for London at Cording, said: 'This acquisition complements Britannia Invest鈥檚 portfolio and is in line with our strategy to focus on high-quality buildings with the potential to grow income in the strongest UK office markets.'
'The fund has significant capital to invest and is in the market looking for similar acquisition opportunities,' he added.
Cording was advised by Lewis Ellis; the vendor was unrepresented.
