July 29, 2020
Roebuck Asset Management, alongside Hyundai Asset Management have completed the acquisition of Aegon’s UK headquarters, 1-3 Lochside Crescent, Edinburgh Business Park, for a purchase price of £133.25m.
The property comprises of a 247,500 sq ft HQ office building, located on the prestigious Edinburgh Business Park, in close proximity to Edinburgh airport and city centre. The property is let to Scottish Equitable plc (Aegon) for a further 17 years.
Nick Rhodes, Managing Partner of Roebuck Asset Management commented: “We are extremely pleased to have completed the acquisition of this prime office investment during the COVID-19 pandemic. The experienced acquisition team including Dentons, Ereira Mendoza, Centridge Partners and Sheridan Property Consultants managed to stabilise all areas of the transaction over the UK’s lockdown, enabling the purchase to continue.
“1-3 Lochside Crescent, represents an exceptional investment opportunity, secured against robust credit and providing annual rental inflation. 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.”
Hyundai Asset Management has also been a significant investor in the Scottish office market, having completed the acquisition of 1 South Gyle Crescent for £55.17m in 2019.
The purchaser was represented by Sheridan Property Consultants, Ereira Mendoza and Knight Frank Capital Advisory, with senior finance provided by Metropolitan Life. Dentons acted as tax and legal advisor for the purchaser.