Massive 300,000-square-foot Scottish property deal completes at over £26 million

Property firm Galbraith said its investment team had advised Cedarwood Asset Management and its client David Samuel Properties on the off-market sale of The Malt Portfolio, for a price in excess of £26 million.

The portfolio comprises in the region of 300,000 square feet across 37 units, within six modern multi-let industrial estates, located throughout central Scotland, and also including Ayr and Livingston.

The portfolio maintained a near 100 per cent occupancy level and attracted a selection of high quality tenants. The annual rent roll was just under £2m at the point of sale, Galbraith noted.

Cedarwood Asset Management and David Samuel Properties acquired the portfolio in 2018, undertaking two previous, “opportunistic” asset sales in Dunfermline and Aberdeen in 2021 and 2024 respectively.

Galbraith acted for the vendor, Cedarwood Asset Management and David Samuel Properties, with legal advice from Morton Fraser MacRoberts. Fellow property agency Ryden represented the buyer, described as an overseas investor.

Jamie Thain, investment partner at Galbraith, said: “We are delighted to have completed another sale on behalf of our long-standing client Cedarwood Asset Management and David Samuel Properties. They have executed their business plan for this high quality multi-let portfolio over the last seven years, maintaining strong occupancy levels and capturing rental growth.

“Throughout the country, the multi-let industrial sector continues to see strong levels of demand and rental growth, which in turn underpins pricing. The asset class offers investors a natural diversification within their portfolios and thus continues to be attractive.”

A report last month suggested that Scotland had yet to see momentum fully return to the property investment market after a subdued second quarter for transactions.

Investment volumes totalled some £370m in the three months to the end of June, according to the study from property consultancy Colliers, which was down on the first-quarter figure of £560m, and 22 per cent below the five-year quarterly average of £470m. That took the total for the first half of 2025 as a whole to £930m - 20 per cent ahead of the corresponding 2024 figure.