THE value of Scottish commercial property deals reached £528 million in the second quarter, nearly double the amount invested in the same quarter of last year, writes Scott Wright.
Figures released by property firm CBRE Scotland show 31 transactions were concluded over the quarter, with the period dominated by M&G Real Estates’ acquisition of a 50% stake in Edinburgh’s Fort Kinnaird Retail Park for £167m.
Other major deals included Roebuck Asset Management’s purchase of Princes Exchange and New Uberior House for £71m on behalf of MAS Holdings. The £30m, off-market sale of 78-90 Buchanan Street in Glasgow to a private international investor, brokered by CBRE, was also concluded.
Retail deals accounted for £248m or 47% of the transactions concluded over the quarter, followed by offices at £160m or 30%.
Alistair Wright, associate director at CBRE Scotland, said: “There has been a significant shift to retail sector deals across the last quarter compared to the first quarter of this year, albeit the Fort Kinnaird investment represents the majority of the value.
“Sentiment remains strong for prime product and recent activity demonstrates the weight of international money considering Scottish investment opportunities.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here