15 September 2016, London: Aprirose, the real estate investment company, has acquired Miller House in Edinburgh for £10 million from Miller Developments, their third acquisition in Scotland in the past 10 months.
Miller House is a 48,408 sq ft office building located in the heart of Edinburgh Business Park, with notable occupiers including Miller Homes, Miller Developments, Galliford Try Construction and the Royal Society for the Protection of Birds.
Miller House is Aprirose’s third acquisition in Scotland in the past year following the purchase of Wm Morrisons supermarket in St. Vincent Place, Lanark, and Helix House, an office building in Aberdeen. The company owns a further seven properties across Scotland.
Manish Gudka, Chief Executive Officer at Aprirose, said: “Edinburgh is the UK’s second largest financial centre and a highly competitive city. There is a significant shortage of office space coming to market and, with a weak development pipeline, we feel this is a great investment opportunity.
“The acquisition of Miller House, with its long-term secure tenants and its prime location in Edinburgh Business Park, fits in with our strategy of identifying high quality, good income assets to add to our £1 billion portfolio. We have now completed six acquisitions since Brexit and we are actively working on further deals at the moment as we continue to look for investment opportunities throughout the UK.”
Edinburgh Business Park, which includes circa 1.15 million sq ft of office space, is home to tenants such as JP Morgan, AEGON, HSBC and BT. It has strong transport links connecting the park with both the airport and the city centre.
Aprirose was advised by Savills and Miller was advised by Knight Frank.