Savills, on behalf of the
The BP Pension Fund has purchased the Haymarket, Edinburgh office complex Interpoint from insurance giant Aviva for £18.95m reflecting an attractive net initial yield of 6.43%.
Interpoint is a prime single let office located in Edinburgh’s popular Haymarket district and comprises of a modern and high quality office building set across 47,921 sq ft (4,452 sq m) which is currently let to Royal London Mutual Assurance Society until 2029.
Rod Leslie, director in the commercial investment team at Savills in Edinburgh who facilitated the deal for BP Pension Fund comments: “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. 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.”
Aviva was advised by JLL.