UBS Asset Management's (UBS-AM) real estate & private markets (REPM) business announces that its Triton Property Fund has acquired the Seven Hills Business Park in Edinburgh, Scotland from Peveril Securities and Citivale for £15 mln (€17. 5 mln).
The property was partially funded through the recycling of proceeds following the sale of Triton's industrial facility in Bristol, the Nova Centre, which was sold for £9.6 mln, the firm said.
Seven Hills is situated within Sighthill Industrial Estate, and includes an existing 46,835 ft2 (4,350 m2) asset on the site which comprises three units, all of which are let or under offer to strong covenants, providing a weighted average unexpired lease term of nine years.
An adjacent new 76,000 ft2 development – which is due to complete in autumn 2019 – comprises 11 additional units.
Seven Hills represents the 13th industrial property in Triton’s portfolio, which now accounts for approximately 42% of the portfolio. The fund also comprises offices, retail warehouses and student accommodation.
Jonathan Hollick, portfolio manager of Triton, commented: 'Edinburgh’s industrial market remains characterised by a lack of supply, making the development aspect of this investment particularly attractive, and leaving us confident in the asset’s ability to generate strong returns for the fund.'
Peveril Securities and Citivale were advised on the sale by Knight Frank. UBS-AM were advised by JLL.