Leading commercial property Fund Manager, M&G Real Estate (acting on behalf of Prudential Assurance Company Limited), has completed the sale of Quartermile 3 in Edinburgh to KanAm Grund Group.
The newly completed 73,000 sq.ft Grade A office is let to State Street Bank and Cirrus Logic, with a weighted term to expiry of 12.4 years and to breaks of 7.4 years. The office is the latest (and final) to be completed on the multi-award winning Quartermile development. M&G speculatively funded the final two offices, both of which were let prior to completion. Quartermile 4 was sold to clients of TRIUVA in 2017.
The sale price reflects a net initial yield of 4.61% and highlights the resilience of the Edinburgh office market and strength of demand for prime opportunities in the city.
Lismore Real Estate Advisors acted on behalf of M&G Real Estate.
