An Edinburgh city centre development has been sold to a London-based private real estate investment firm in a £36.8m deal.
Edinburgh Quay, located in the Union Canal area, is a new complex made up of three buildings - two office blocks and a quayside residential development currently under construction.
According to Capreon, the offices are 92 percent leased and house such significant businesses as Apple, Bloomberg and the Financial Conduct Authority.
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Now, the whole complex was sold to Capreon, an English investment company under the Noé Group.
The deal comes as part of the firm's Net Zero Carbon business plan, as they look to develop the buildings further to bring them to Net Zero status.
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."
Raphael Noe, Partner at Capreon, said: "This transaction highlights our ability to invest thematically on behalf of our investor clients, and we have identified significant appetite from them to grow this strategy further in 2023.
"We are pleased to have now closed this deal and continue to look for further opportunities in the European market."
This comes within days after another iconic Edinburgh building was sold to an English company in another real estate deal. In the £2.75m deal, Venue Studios - once home to a much-loved nightclub - was sold to Bolton-based Millfield.
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