Capreon has acquired three office buildings at Edinburgh Quay, Scotland, for £36.8m. The offices are 92% leased to tenants such as Apple, Bloomberg and the Financial Conduct Authority, have a replacement value of £49m, and a weighted average lease break of more than five years.
Capreon intends to further develop the buildings and is aiming to achieve operational net zero carbon status at the Quay 1 office building.
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, added: “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.”
