Korean firm buys office space for £55 million

Published: 10 April 2019

An Edinburgh-based investment firm has introduced the funding for an off market £55.2 million deal for a South Korean asset management business to acquire commercial property in Scotland.

Robbie Moir from 9 West secured funding from Hyundai Asset Management Co. Ltd, to purchase prime office space at Gyle Square, South Gyle Crescent, Edinburgh.

This is a major overseas investment in Edinburgh...This sends out a strong signal that Scotland is on the radar of Asian investors...

Robbie Moir, Director, 9 West

 

London-based Greenridge Investment Management sold the 148,796 square feet property to Hyundai Asset Management less than three years after acquiring it from Highland Properties, which had developed the offices on the site of the former BAE Systems factory.

The deal was concluded on behalf of Hyundai Asset Management by property agents Ereira Mendoza.

Gyle Square is leased to NHS National Services Scotland, which provides shared services to the NHS and other public bodies across Scotland.

Mr Moir said: "South Korean investment firms in particular are stepping up global real asset investments targeting real estate and infrastructure opportunities."

9 West, Mr Moir's new venture, launched earlier this year, aims to "introduce capital to investment opportunities utilising key relationships with investors around the world".

The combined net asset value of Korean public property funds for both domestic and overseas investment is 2.5 trillion won (£1.66 trillion), according to recent figures from the Korea Financial Investment Association, up 19 per cent from a year earlier.

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