M&G snaps up €57m Edinburgh office asset

UK investment manager M&G Real Estate has acquired an office in Edinburgh's Exchange District for £54 mln (€57 mln) on behalf of an international separate account client.

Martin Towns, head of UK commercial and global capital partnerships, M&G Real Estate, said: 'Our deep knowledge and understanding of Edinburgh placed us in a strong position to access this deal and proved decisive in its eventual completion.'

The deal for the 100,000 ft2 (9,290 m2) prime property, Exchange Plaza, was executed by M&G Real Estate's capital solutions group.

Other recent M&G deals in the city have included investments in Edinburgh's mixed-use Haymarket development, as well as 40 Torphichen Street, a 57,000 ft2 office asset, acquired last year.

'The fundamentals of the Edinburgh occupier market are highly attractive, and we identified a significant opportunity to deploy capital today to generate future value for our investors. We are actively seeking opportunities throughout the UK to harness our leading investment expertise on behalf of international investors,' Towns concluded.

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