Hyundai Asset Management has bought its second office building on the west of Edinburgh in 15 months.
The South Korean investor and London-based Roebuck Asset Management have jointly paid M&G Investments more than £133 million for 1-3 Lochside Crescent, the 247,500 sq ft Scottish base of insurance group Aegeon.
Last April, Hyundai bought the 148,796 sq ft office at Gyle Square, occupied by NHS National Services Scotland, for £55 million from Greenridge Investment Management.
Roebuck already owned Princes Exchange and New Uberior House in Edinburgh, which it bought jointly with Isle of Man-based MAS Real Estate for £71 million from Aerium in May 2018. The 160,000 sq ft building is leased to Bank of Scotland for seven and a half years.
Nick Rhodes, managing partner at Roebuck Asset Management, said: “Edinburgh remains a highly attractive investment location offering favourable demand and supply dynamics.
“With the continued occupier requirements and future development constraints, we anticipate further evolution of these positive market trends.
“This will be the seventh transaction Roebuck have completed with South Korean investors and the second in Scotland.”
