Curo boosts Scottish exposure with £27m Rosyth buy

Curo Property Funds has added to its holdings in Scotland with the £27m purchase of three office buildings in Rosyth, north of Edinburgh.   The fund manager, which specialises in collective investment schemes for private investors, has bought into Innova Campus, part of the Rosyth Europarc scheme off junction 1 of the M90.   The purchase, from Matrix Property Fund Management, reflects a net initial yield of 5.9%.   Two of the buildings – Arrol House and Forsyth House – total 21,000 sq ft each, while the third, Dundas House, comprises 72,000 sq ft.   All three buildings are fully let to Bank of Scotland and Forsyth Business Centres, producing annual rental income of £1.7m.   Curo, formed in 2005, already owns Dumfries Retail Park, which it bought for £20m earlier this year.   Kevin Crighton, co-founder and director of Curo, said he expected rental growth at Rosyth because of the potential for a second Forth Bridge crossing nearby.   Mischa Davis of Matrix Property Fund Management, said:  “We are happy to have crystallised the capital growth seen in this asset.”   Drivers Jonas advised Matrix; NB Real Estate advised Curo.     david.quinn@rbi.co.uk