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Wednesday, December 21, 2023

DTZ completes 200m of deals in Scotland

DTZ's Scottish investment agency team has had a strong end to 2005 advising on 200 million of investment transactions across Scotland.

The Investment Director in DTZ's Edinburgh office, Stuart Agnew, comments: "It is extremely encouraging to see a number of transactions which have been worked on for a while, all coming together at one time and this reflects a co-ordinated approach to clients requirements and the 'wall' of money seeking to invest in Scotland linked with improving occupational markets. As well as seeing a marked increase in general investment activity, we are also seeing the office funding markets in Glasgow and Edinburgh picking up."

Details of the individual deals are:

- Mavor Avenue, East Kilbride - purchase and funding of a new retail warehouse development in East Kilbride, let to B&Q;, Comet and Carpetright comprising 136,000 sq ft and a rent roll of circa 2.1 million. The acquisition totalled c40 million and the scheme was purchased directly from MacDonald Estates plc. DTZ acted on behalf of two separate Irish consortium clients in the purchase.

- Erskine House, 72-80 Queen Street, Edinburgh - sale of the 85,000 sq ft multi-let office building to a new German Fund, Blue Capital, for 27.75 million. The property is let to tenants including PwC, Scottish Ministers, Morrison WS and Deutsche Bank. DTZ acted on behalf of a private overseas investor.

- Pitheavlis, Perth - DTZ acted on behalf of Active Asset Investment Management Limited on the sale of the former General Accidence HQ in Perth to Glamore Fund for 27.5 million. The sale represents an overall net initial yield of 7.16%.

- 1 Waterfront Avenue - DTZ advised acted an Irish institutional client on the purchase of the Scottish Gas headquarters office building in Granton for 26.5 million at a net initial yield of c.6%. The property is let to GB Gas Holdings Limited and comprises 91,000 sq ft.

- Dalmore House, 310 St Vincent Street, Glasgow - DTZ advised private overseas clients on the sale of the building for 20.25 million representing an overall initial yield of 6.9%. The building is let to Whyte & MacKay plc and comprises 17,000 sq ft. The purchaser was a private family trust.

- Westergate, Argyle Street, Glasgow - advised CGIS on the purchase of this 200,000 sq ft building for c20 million. Tenants include the Ministry of Defence. The property was purchased from Miller Developments at an initial yield of around 7%.

- Watermark Building, Alba Campus, Livingston - DTZ acted on behalf of Cadence Design Systems Limited in the sale of this 103,000 sq ft office headquarters, which is let to Cadence Design Systems, Scottish Water and Hewlett Packard. The property was sold for 18.2 million to IM Properties Finance Limited reflecting a net initial yield of 7.65%.

- 180 St Vincent Street, Glasgow - DTZ and Ryden acted on behalf of County Properties Group on the sale of the multi-let office investment to Royal London Asset Management for 16.5 million. The sale price reflected a net initial yield of 6.4%.