Capreon has acquired city centre office complex Edinburgh Quay for £36.8m.
This is the third addition to the property investment manager's European smart workplaces portfolio and follows a recent transaction for three buildings in Madrid.
The three Edinburgh Quay office buildings are 92% leased to tenants such as Apple, Bloomberg and the Financial Conduct Authority. They have a replacement value of £49m and a weighted average lease break of over five years.
Adjacent to the buildings, a quayside residential development is under construction. Capreon’s plan is to further develop the buildings, bringing the Quay 1 property to operational net zero carbon status.
Capreon’s strategy is centred on investing in areas where people want and need to work, in offices with strong sustainability credentials, high tech campuses and life science assets.
George Minns, managing director at Capreon, said: "We are delighted to close this transaction on three buildings in Edinburgh which are a fantastic asset in Capreon’s ever-growing portfolio.
"We are buying income with excellent covenants in an undersupplied market, at a 25% discount to replacement cost, while also delivering a net zero carbon business plan."
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