Swiss investor Afia is understood to be close to its second UK deal with the purchase of Edinburgh’s Quartermile Two.
The fund, which bought the 175,000 sq ft Garrard House in the City of London from Hermes for £70m in February 2009, is in talks to buy Quartermile Two from Gladedale Capital for around £20m – a 7% yield.
The 42,500 sq ft office is the second building at Gladedale’s £450m redevelopment of the city’s former Royal Infirmary.
Law firm Morton Fraser prelet the top four floors of the building, which was completed earlier this year, for £28 per sq ft.
It is understood that Gladedale has agree to provide a four-year rental guarantee over the balance of the building.
Also this week, DTZ Investment Management is under offer to buy 133-137 Buchanan Street, Glasgow, for around £21m – a 5.42% yield. The 35,000 sq ft office and retail block is being sold by Scottish property company LNC.
Montagu Evans is representing Gladedale; Culverwell is acting for LNC; Knight Frank is representing DTZ IM.
bridget.oconnell@estatesgazette.com
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