Korea’s Hyundai Asset Management has bought Gyle Square, South Gyle Crescent, Edinburgh for £55.2m.
London-based Greenridge Investment Management sold the 148,796 sq ft office property less than three years after acquiring it from Highland Properties.
Edinburgh-based investment firm 9 West sourced the financing for the off-market deal.
Gyle Square is leased to NHS National Services Scotland, which provides shared services to the NHS and other public bodies across Scotland. It has fully occupied the property since it was constructed in 2003, under a lease until June 2029.
Robbie Moir, 9 West founder, said: “This is a major overseas investment in Edinburgh, which reflects very positively on the level of global interest in the commercial property sector in Scotland. This sends out a strong signal that Scotland is on the radar of Asian investors if the right kind of property is available.”
Hyundai Asset Management rolled out its first public real estate fund and raised money from individual investors in South Korea to support the acquisition of Gyle Square. The fund has a term of three and a half years and will be listed on the Korea Stock Exchange.
Hyundai Asset Management borrowed £35.9m, 65% of the Gyle Square acquisition price, in a three- year secured loan. The deal closed on Friday 5 April.
The purchasers were represented by Ereira Mendoza, 9 West and Dentons. The vendors were represented by Trowers and Brodies.