Wednesday, 1 July 2015
Hines secures acquisition of prime Edinburgh mixed-use development (UK)
Hines announced that it has secured the freehold acquisition of a seven-storey retail and office building on Princes Street in Edinburgh city centre, on behalf of the Hines Pan-European Core Fund (HECF).
124-125 Princes Street comprises 38,500 ft² (approx. 3,577 m² ) of prime retail and office space, and has been purchased from F&C Commercial Property Trust.
124 Princes Street is let to Urban Outfitters and has recently been extensively refurbished and fitted out in the tenants corporate style. The unit comprises 15,000 ft² (approx. 1394 m² ) of modern, well configured retail space spread over ground, basement and mezzanine levels.
125 Princess Street provides 23,500 ft² (approx. 2,183 m² ) of high quality office space and is fully occupied, with tenants including RICS, the Chartered Institute of Housing, MBM Commercial and BDG Design Limited.
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP-FIS) managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe.
Source: FTI Consulting