The real estate division of London-based asset manager M&G has acquired a four-acre mixed-use development site in Edinburgh’s Haymarket business district for £49.1 million (€56 million).
The investment in the UK’s second financial centre comes with planning consent for the building of three Grade A office buildings totalling 350,000 square feet, provision for 40,000 square feet of retail and leisure space, a 190-room hotel and a 172-room ‘aparthotel’.
The Edinburgh project, M&G Real Estate’s second major deal to be announced this week, has a gross development value of around £280 million.
The acquisition extends M&G’s office development portfolio in Scotland, following deals to fund the construction of the prestigious Quartermile 3 and Quartermile 4 office developments also in central Edinburgh.
The Haymarket development provides an opportunity to expand the Scottish capital’s growing financial quarter known as the Exchange District, which is next to Haymarket train station and which connects passengers to Glasgow and is also close to tram services serving Edinburgh airport.
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