Danish Investors Grab Exchange Tower, Edinburgh

LONDON-Parlison Highcross Developments has sold Edinburgh's tallest building, the Exchange Tower, to a group of Danish investors for pounds 21.15 million ($33 million), reflecting a 6.9% initial yield.

By Graham Parker | November 05, 2002 at 01:01 AM

Exchange Tower is let on 15-year leases to a variety of tenants including Franklin Templeton Global Investors and law firm Henderson Boyd Jackson at a total rent of £1.55 million ($2.4 million) per annum. Two floors currently remain available.

According to Parlison Highcross Director Andrew McParland the off-market sale highlights the strength of overseas investor demand for well-let office properties in Scotland.

Ryden and Montagu Evans advised Parlison Highcross and Millar Kitching represented Danmerc.

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