Irish Life has paid over £40m for Bank of Scotland’s new offices in Edinburgh. The 101,453 sq ft Citymark building in Edinburgh’s Exchange district, was let to the bank in March. The deal reflects an exceptionally low yield of 5.9%, one of the lowest seen on an office scheme in this cycle. Citymark was developed by Fountainbridge Developments, a joint venture between Bank of Scotland and AB Hamilton. It is let to BoS at a rate of £24.50 per sq ft. John Slade of Slade & Co, which advised Irish Life, said: “It went to best offers. We’ve got Bank of Scotland for a long time, which is a very secure covenant. Compared with what you could get in the bond market it’s a good yield.” Last autumn, the scheme had been under offer to Abbey National, which then pulled out as part of a wider review of its property commitments.
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Friday, September 05, 2003
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