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Media Releases
2008

01 February
2008

Completes £20m sale of city centre development for ING Real Estate

Leading UK law firm Shepherd and Wedderburn, on behalf of ING Real Estate, today completed a property deal for the sale of a former office building in the heart of Edinburgh's city centre.  Property development firm Stockland Halladale paid £21.25m for 3-8 St Andrew Square, the previous headquarters of Scottish Provident.

ING Real Estate, a global integrated real estate group focused on development, finance and investment management, with a total portfolio of over EUR 100 billion, had originally planned to redevelop the site itself.  Planning permission and listed building consent had been granted, but the company decided to sell the building in 2007.  

Nick Ryden, property partner at Shepherd and Wedderburn, said: “The firm's involvement in this important city centre property deal further highlights Shepherd and Wedderburn's expertise in advising on some of the capital's most significant deals.”

Stockland Halladale plans to build a mixed-use development that will include shops, flats and offices and is due for completion at the end of 2010.

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