South Korea’s Hyundai buys Aegon’s UK HQ
South Korea’s Hyundai Asset Management and UK firm Roebuck Asset Management have completed a deal to buy Aegon’s UK head office from M&G for just over £133m.
The deal for the 247,500 sq ft office building at Edinburgh Business Park is the largest Scottish commercial property transaction to complete so far this year.
The property is let to the Edinburgh-based financial services provider for a further 17 years.
South Korea’s Hyundai Asset Management and UK firm Roebuck Asset Management have completed a deal to buy Aegon’s UK head office from M&G for just over £133m.
The deal for the 247,500 sq ft office building at Edinburgh Business Park is the largest Scottish commercial property transaction to complete so far this year.
The property is let to the Edinburgh-based financial services provider for a further 17 years.
Nick Rhodes, managing partner at Roebuck Asset Management, said: “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.”
It is the seventh transaction that Roebuck has completed with South Korean investors, and the second in Scotland.
Hyundai Asset Management has been a significant investor in the Scottish office market, having completed the acquisition of 1 South Gyle Crescent for £55.2m last year.
The purchaser was represented by Sheridan Property Consultants, Ereira Mendoza and Knight Frank Capital Advisory, with senior finance provided by Metropolitan Life and tax and legal advice from Dentons.
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