Pension fund secure major development

Published: 24 May 2019

A German pension fund has acquired a major office and leisure development in the heart of Edinburgh marking the biggest mixed-use investment deal in Scotland in nearly three years.

The buildings at 4-8 St Andrew Square house offices for pensions giant Standard Life Aberdeen (SLA), a number of restaurants including The Refinery, The Ivy and Gaucho, as well as a large TK Maxx store.

We take great pride in having made a positive contribution to the local environment...and remain confident in the future success of the area...

David Stewart, Fund Manager, Aberdeen Standard Investments

 

KanAm Grund Group said it had exchanged contracts to acquire 4-8 St Andrew Square on behalf of German pension fund AVWL – one of the country’s largest occupational pension funds with assets under management of €13.8 billion (£12.2bn), which includes property investments of about €3bn.

Ralph Jones of Peveril Securities added: “The sale marks the successful completion of the joint venture with Aberdeen Standard Investments and the business plan for the development..."

Full story via The Scotsman News

Share

Latest tweets

follow us @InvestEdinburgh