US privately-held developer-investor Hines has agreed to forward purchase a prime 60,000 sq ft (5,600 m2) office building in the heart of Edinburgh on behalf of its European Core Fund (HECF).
The Mint Building, located on St Andrew Square in the city’s East End district, will be completed in early 2019 and is already pre-let on a 15-year lease.
The building has been acquired from Edinburgh-based property development and investment company, Chris Stewart Group, for an undisclosed amount.
The Hoskins Architects-designed building provides Grade A office space across seven levels, with the upper floors offering panoramic views of the city. The ground floor comprises three retail units, two of which have already been let with modern Chinese cuisine Tattu and pizzeria concept, Franco Manca.
Jake Walsh, director at Hines UK, said: 'This development provides us with an excellent opportunity to grow our portfolio of office and retail properties in Scotland. Edinburgh is one of the fastest growing cities in the UK and has the strongest economy outside London. The quality of the asset and its prime location meet our exacting investment criteria, and we look forward to the building’s completion and full occupation early next year.'
The asset represents HECF’s fourth acquisition in the last 12 months, following new investments completed in Dublin, Amsterdam and Copenhagen. The portfolio of the Fund, which was 99.6% occupied as of Q1 2018, is currently invested in eight different European countries with a current aggregate value close to €1.2 bn.