Parlison Highcross - Offices Sale - Edinburgh, Exchange Tower

Date: 04 Nov 2002

Parlison Highcross Developments has sold Exchange Tower in Edinburgh city centre to a group of Danish investors, advised by Danmerc, for £21.15 million, reflecting a net initial yield of approximately 6.9 per cent.

The 6,030 sq m (64,910 sq ft) 13-storey office building is Edinburgh's tallest building and is let on 15-year leases to a variety of tenants including Franklin Templeton Global Investors and solicitor Henderson Boyd Jackson at a total rent of £1.55 million pa. Two floors currently remain available.

Andrew McParland of Parlison Highcross commented that the off-market sale highlighted the strength of overseas investor demand for well-let office properties in Scotland.

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

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