German fund manager KanAm Grund Group has acquired an office building in Edinburgh, Scotland, from Scottish developer the Knight Property Group.
Financial details were kept confidential.
The property at 4 North St Andrew Street is fully let to Computershare Limited, a global service provider, on a long-term lease.
The building, which underwent complete refurbishment in 2019, comprises some 3,821 m2 of office space distributed over seven floors. There are 12 underground car parking spaces and bicycle storage in the basement. The asset holds a Very Good BREEAM certification for sustainability.
KanAm said the asset sits in the direct vicinity of regeneration hotspot St James Quarter, due to transform the St James Shopping Centre by the end of this year, with a flagship hotel launching closeby in 2021.
The property had been purchased for a special real estate fund, KanAm Grund European Cities, marking its 14th acquisition.
This vehicle was created especially for a Northern German pension fund that primarily invests in office properties and has assets at eight locations in Germany, Spain, Belgium, the UK, France and Ireland.