Hines Pan-European Core Fund has acquired 20 West Register Street (formerly the Mint Building), a prime 60,000-square-foot office scheme, located on St. Andrew Square in East End district, Edinburgh.
The office property in Edinburgh is already pre-leased on a 15-year lease to investment management firm, Baillie Gifford.
The Hoskins Architects-designed building provides Grade A office space across seven levels, with the upper floors offering panoramic views of the city. The ground floor includes three retail units, which are leased to modern Chinese cuisine Tattu, the expanding pizzeria concept, Franco Manca and building society, Nationwide.
“As one of the top UK regional cities, Edinburgh offers strong relative value in the European context. With the building’s prime location, high-quality design and strong income profile, it is a strong addition to our fund’s prime portfolio. Securing this asset in an off-market transaction demonstrates our ability to generate strong pipeline while markets are very competitive,” Peter Epping, senior managing director and fund manager of HECF.
“Edinburgh is one of the fastest growing cities in the UK with a proud reputation of high-quality, well-designed office stock. We’re pleased to have built on this tradition with the completion of the scheme, which is an exceptional, best-in-class building befitting its vibrant, dynamic location,” said Jake Walsh, director, Hines UK.