Bank of London and the Middle East buys Edinburgh office building
Abu Dhabi Islamic Bank in the UK has provided financing for the Bank of London and the Middle East to buy a AED120 million Grade A office building in Scotland.
The Foster and Partners-designed building in Edinburgh, that has previously won the Scottish Design Award for Commercial Interior and the British Council for Offices National and Regional Awards for Commercial Workplace, forms part of the city’s waterfront regeneration area.
The building is let to GB Gas Holdings and guaranteed by Centrica. Recently, Abu Dhabi Islamic Bank reported that Middle East investor appetite for UK commercial real estate assets is being driven by a desire to diversify portfolio risk, the weakened pound, attractive rental yields in the strong performing regional markets and long term security of income.
Paul Maisfield head of UK Real Estate at ADIV UK, said: “This latest transaction is typical of demand we are seeing amongst our client base. Over the last 18 months, 70 percent of our financing transactions have comprised regional investments, including Aberdeen, Bristol, Coventry, Leeds and Manchester.”
It comes after BLME acquired Atlantic Quay 1 in Glasgow for $32.5m last year.
Source: Arabian Business
Fulya Altunyay/ [email protected]