Ian MCCONNELL
A SOUTH Korean institutional investor has bought a 16-acre research and development complex in Edinburgh for £100 million.
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The complex is leased to Italian aerospace, defence and security company Leonardo, which is one of Edinburgh’s biggest employers and has about 1,800 staff at the Crewe Toll site.
The identity of the South Korean buyer, represented by Knight Frank Investment Management, was not disclosed by London-based vendor Brockton Capital.
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Leonardo recently signed a new, inflation-linked, 15-year lease at the hub, where it has operated since 1943. Brockton Capital, noting the sale reflected a net initial yield of 5.91 per cent, said it had, following the acquisition of Crewe Toll East & West in 2014, worked with Leonardo to restructure its lease.
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