£600 million of Scots property deals in Q1

Investment in Scottish commercial property in the first three months of 2018 hit £608 million, exceeding its five-year average of £546m, a report out today says.

The quarter was led by a smaller number of high-value deals, with 28 transactions. That compared with the fiveyear average of 44 deals, says the research from property giant CBRE.

The group said the office sector partly dominated, accounting for four-fifths of transactions.

Alistair Wright, associate director of CBRE Scotland, said: “This strong quarter performance was dominated by deals which fell over from 2017.

“Notable transactions include the acquisition of the Aker Campus in Aberdeen (£112.5m), Waldorf Astoria in Edinburgh (£85m) and Westway Park in Renfrew (£40m).”

He said: “We don’t expect a deluge of new product [in Q2] so stock levels will remain challenging.”