PREMIER PROPERTY GROUP
ACQUIRES SCOTTISH PORTFOLIO
Premier Property Group
31 July 1999
Edinburgh based Premier Property Group (“PPG”),
part of the Murray International Group, has purchased a portfolio
of Scottish properties from the Whitehall Green Partnership.
PPG is paying around £70 million for 19 office and retail
properties let to a mix of government and private sector tenants.
The net initial yield is over 8%.
The deal is being partnered with Bank of Scotland.
Commenting on the acquisition Ian Tudhope, Managing Director
of PPG, said “We have for some time been looking to balance
our development activity with a solid investment portfolio which
can offer good income coupled with short to medium term development
opportunities. This particular set of properties exactly fits
the bill.”
Ian Robertson, Managing Director of Corporate Banking at Bank
of Scotland, said, “We are pleased to be involved in one
of the largest property financing deals in Scotland so far this
year. This will further strengthen our relationship with PPG
and the Murray International Group.”
The Whitehall Green Partnership was represented by Hoddell Stotesbury
and Weatherall Green & Smith. PPG represented itself.
BACKGROUND INFORMATION FOR EDITORS:
PPG is the property arm of Murray International Holdings Limited,
a privately owned Scottish run group with interests in steel,
property, open cast coal mining and sport. Principal shareholder
is Executive Chairman David Murray, who founded the group in
1974 and controls over 80% of the equity.
PPG currently have major development schemes underway in Scotland
and Yorkshire plus a retail/office joint venture in London.
The Whitehall Green Partnership is a 50/50 joint venture between
Green Property and Goldman Sachs’ Whitehall Fund.
The portfolio comprises over 800,000 sq. ft of investment property,
of which around 70% is office accommodation and the balance
retail.
The properties are located principally in the west of Scotland
and include several office buildings in Glasgow city centre
such as Franborough House, Colville House and The Grosvenor.
The package also includes assets in Edinburgh and Inverness
and includes tenants such as Scottish Enterprise, Secretary
of State for the Environment, Scottish & Newcastle, British
Steel and a range of high street retailers.
Issued by Atlantic PR on behalf of PPG, Bank of Scotland and
the Whitehall Green Partnership.
More Information: Ian Tudhope, Managing Director,
Tel: 0131 624 9624
