Hines has exchanged contracts to buy 124-125 Princes Street, Edinburgh, on behalf of the Hines Pan-European Core Fund for £18m.
F&C Commercial Property Trust instructed Cushman & Wakefield to find a buyer for the 38,500 sq ft retail and office space with an asking price of £16.42m.
124 Princes Street is let to Urban Outfitters and has recently been refurbished. The unit comprises 15,000 sq ft of retail space spread over ground, basement and mezzanine levels.
125 Princess Street provides 23,500 sq ft of high quality office space and is fully let to tenants including the RICS, the Chartered Institute of Housing, MBM Commercial and BDG Design.
Anthony Leonard, managing director at Hines UK, said: “The quality of the building, its excellent location and diverse income profile from both retail and office tenants make this asset a compelling proposition for the fund. This acquisition also represents a further advance into the retail sector, an area in which we are growing our portfolio of assets under management.”
Steven Newlands, partner at Cushman & Wakefield in Scotland, said: “It is rare for buildings of this quality in an iconic location such as Princes Street to come onto the market. 124-125 Princes Street has performed well for F&C since it purchased it over a decade ago and I am sure it will be a terrific investment for HECF.”
JLL acted for Hines; Cushman & Wakefield represented F&C Commercial Property Trust.
