Ardstone Capital and CBRE Global Multi Manager have bought the Citymark building in Edinburgh for £33.7m.
The purchase of the 150 Fountainbridge property is the second on behalf of the firms’ UK Regional Office Fund, following a £25.2m acquisition of the Sentinel building in Glasgow in July for a yield of 6.9%.
Citymark is a 102,115 sq ft block in Edinburgh’s financial district let to Lloyds Bank of Scotland for 12 more years.
The purchase price reflects a net initial yield of 7.2%.
The UK Regional Office Fund was established as a separate account by Ardstone Capital for investment by CBRE GMM clients.
Ardstone Capital UK managing director Craig McDonald said the group was “actively pursuing further acquisitions” for the regional vehicle.
chris.berkin@estatesgazette.com
