Korean investor Hyundai Asset Management Co. Ltd. have completed the off-market acquisition of Gyle Square, 1 South Gyle Crescent in Edinburgh from Greenridge. The property was purchased by way of a corporate transaction for £55,170,000.
The property is fully let until June 2029 at a rent of £2.96m pa to the Scottish ministers (NHS) and comprises 148,796 sq.ft of high specification office accommodation situated to the West of Edinburgh.
Greenridge director, Bik Bhuptani, says: “Whilst we continue to be net investors, the sale of Gyle Square represented an opportunity for us to crystallise a strong return for us and our investor partners at a time of strong investor interest in the Scottish market.
We expect that with the acute occupational supply constraints that prevail in Edinburgh, the property will be an interesting long-term hold for the new owners.”
The purchasers were represented by Ereira Mendoza, 9 West and Dentons. The vendors were represented by Trowers and Brodies.