Real estate investor Regional REIT has acquired an office asset in a Scottish business park for a total consideration of £10.3m. The office asset comprises 43,676 square feet over three floors and is currently 100% let to international aviation business John Menzies. The current contracted rent of £880,000 per annum provides a net initial yield of 8.0% with 3.75 years to lease expiry. The office asset is in Edinburgh Park, which provides more than 1m square feet of office accommodation to over 30 occupiers with connectivity to both Edinburgh city centre and Edinburgh airport. Stephen Inglis, CEO of London and Scottish Property Investment Management, the Asset Manager, commented: 'This is a prime asset in the best position on the internationally renowned Edinburgh Business Park. 'It is let to a quality tenant and we have been able to take advantage of uncertainty in the UK political and economic outlook at the time of agreeing this deal. 'This has allowed us to acquire an asset on park dominated by large institutional investors and a market that was simply not previously within our reach given our investment criteria and returns requirements.'
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