A Grade A Edinburgh office building has changed hands for £18.95 million.
Interpoint in the Haymarket area was sold by insurance giant Aviva to the BP Pension Fund.
The 47,921 sq ft building is let to Royal London Mutual Assurance Society, the UK's largest mutual life insurance and pensions company, until 2029 and will provide a net initial yield to the buyer of 6.43%.
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Overlooking the platform at Haymarket Station, it was designed by SMC Hugh Martin Architects and completed in December 2007,
Savills acted as purchasing agent for the BP Pension Fund while Aviva was advised by JLL.
Royal London has its main Edinburgh office at St Andrews House in Thistle Street.
Rod Leslie, director in the commercial investment team at Savills, said: “Interpoint represented an excellent opportunity to acquire a prime Grade A office investment in the capital, where the supply of office stock is extremely limited and rents are rapidly rising.
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"Edinburgh continues to be a key destination for investment in the UK and we are delighted to have secured this asset for our client. The strength of the location has been further endorsed by M&G’s commitment to Haymarket which is fast becoming a new prime business and commercial quarter within the city core.”
