Wednesday, July 25, 2023
F&C; buy Scottish & Newcastle HQ for £24m
F&C; Property Asset Management has acquired Scottish & Newcastle Plc's Edinburgh corporate headquarters building on a sale and lease back basis for £24 million reflecting a net initial yield of 4.86%. Scottish & Newcastle Plc has entered into the commitment on a 15 year lease on the 49,000 sq ft (4,552 sq m) grade A offices.
The six-storey property located at 28 St. Andrew Square, Edinburgh EH2, reaps the benefits of a city centre location and is part of an area of Edinburgh that is continuing to undergo extensive redevelopment.
Ian McBryde, Fund Manager at F&C; Property says: "This is a high profile, city centre office building with an excellent covenant which fulfils our requirements for well let, prime offices in major UK cities. We expect this to be an important long term asset for the Fund."
F&C; Property, on behalf of Friends Provident Life Assurance Ltd, was represented by CB Richard Ellis and McLay Murray & Spens. GVA Grimley and Morton Fraser represented Scottish & Newcastle.
The six-storey property located at 28 St. Andrew Square, Edinburgh EH2, reaps the benefits of a city centre location and is part of an area of Edinburgh that is continuing to undergo extensive redevelopment.
Ian McBryde, Fund Manager at F&C; Property says: "This is a high profile, city centre office building with an excellent covenant which fulfils our requirements for well let, prime offices in major UK cities. We expect this to be an important long term asset for the Fund."
F&C; Property, on behalf of Friends Provident Life Assurance Ltd, was represented by CB Richard Ellis and McLay Murray & Spens. GVA Grimley and Morton Fraser represented Scottish & Newcastle.
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