Savills jointly with CBRE and HBJGateley, has advised Deka Immobilien on the purchase of Atria, a prime office and retail investment in Edinburgh’s Exchange District, from the City of Edinburgh Council for £105.25 million.

The two buildings together total circa 200,000 sq ft (18,580 sq m) of office and retail space, home to a variety of tenants including PwC, Brewin Dolphin, Aon, IBM, the UK Green Investment Bank, the Law Society of Scotland, Alliance Trust and Lothian Pension Fund. Retail occupiers include the Co-operative Food and Café Klaris. 

John Heaver, director of Savills, comments: “With a 100% prime location in the Exchange District, in the heart of the capital, Atria Edinburgh is arguably the best office building in the city that satisfies Deka’s investment requirement for modern, high quality prime offices in leading UK cities.

“Whilst the majority of space is well let, the leasing fundamentals in Edinburgh, where demand for prime office space increased by 44% in 2015, are encouraging for the vacant accommodation. Moreover Deka was attracted to the comparable good value as Scotland’s investment market continues to trade at a discount to the rest of the UK.”

According to Savills research, Scotland’s investment market continues to attract increasing levels of international interest with overseas investors growing to take a 41% share of total investment in Scottish commercial property in 2015.

Montagu Evans, JLL and Shepherd & Wedderburn acted for the City of Edinburgh Council.