Union Investment buys Bank of Scotland office building in Edinburgh

Union Investment buys Bank of Scotland office building in Edinburgh
Image: Courtesy of Union Investment

Union Investment has bought approximately 14,700 sqm of office space in the centre of Edinburgh from MAS Real Estate Inc., on behalf of special real estate fund UII EuropeanM. The purchase price was not disclosed.

The New Uberior House/Princes Exchange complex is situated in the Exchange District, an established office location that is home to many multinational companies.

The space is fully let to the Bank of Scotland.

“The Exchange District is Edinburgh’s main business district and a key location within the Scottish capital’s office market. Edinburgh’s office letting and investment market is performing comparatively robustly despite the Covid-19 pandemic. Attractive space continues to be in short supply and demand is high, both in terms of tenant interest and investment,” said Wolfgang Kessler, Geschäftsführer der Union Investment Institutional Property GmbH.

The office ensemble consists of two interconnected buildings – New Uberior House with some 6,070 sq m of rental space and Princes Exchange containing around 8,680 sq m. The lettable space is split across the ground floor and five upper storeys and there is parking for 175 cars on the basement level. The upper floors feature spacious terraces, some of which have views of Edinburgh Castle.

Union Investment was advised on commercial aspects by Lismore Real Estate, on the legal aspects by Brodies and on tax matters by CMS Tax. MAS Real Estate was advised by DLA Piper (Scotland) as to fiscal and legal matters, and was assisted by Knight Frank on the marketing of the property.