Aberdeen Asset Mangement sells Edinburgh financial hub property in £47m deal

Fund manager Aberdeen Asset Management (AAM) has sold The Exchange Place 1 office block in the centre of Edinburgh’s financial district to GLL Real Estate Partners Pan European Property Fund in one Scotland’s biggest commercial property sales of the year so far.

According to reports, ownership of the building passed to the German investment fund for £47 million.

It is the third sale by AAM at the site, which incorporates three separate buildings comprising 215,000 square feet of office space, following the sale of Exchange Place 2 and 3 earlier this year.

Brought to the market by AAM early last year, Exchange Place 1 is fully let to tenants including BlackRock and Evans Cycles. GVA James Barr acted for GLL on the purchase.

Its disposal brings AAM’s combined total for the campus to £83 million.

Nick Ireland, co-head of UK direct property at AAM, said: “The sale of Exchange Place 1 has brought this successful long-term project to a close for us.

“We were delighted with the quality of the tenants we secured and the level of investor interest clearly demonstrates the strength of demand for high quality assets in a strong city such as Edinburgh.”

GVA James Barr acted for GLL on the purchase.