Moorfield Group (Moorfield), on behalf of the Moorfield Real Estate Fund III (MREFIII), has announced the multi-million pound acquisition of Quartermile in Edinburgh.
Quartermile is the award winning mixed use redevelopment of the 19-acre site of the former Royal Infirmary in the heart of Edinburgh. Masterplanned by the world renowned architects Foster + Partners, the scheme brings together luxurious residential apartments, grade-A office space, hotels, leisure and retail space. Furthermore, Quartermile has the development potential for further residential, offices, hotels and other uses.
Moorfield intends to develop the remaining phases of the scheme and realize the investment’s full potential.
Charles Ferguson Davie, Chief Investment Officer of Moorfield said: “Quartermile is Edinburgh’s most prestigious residential and mixed use offering, and we are very excited by the potential to develop the rest of the scheme. The Quartermile team has done a fantastic job so far and we will aim to continue to focus on the creation of a vibrant community at Quartermile that will appeal to both the existing residents and the future ones that we hope to attract.
This investment represents Moorfield’s second investment for its third real estate private equity fund, which is focused on investing in quality real estate throughout the UK. Edinburgh is a leading city on the global stage and we believe that the mixed uses the destination estate offers will prosper due to increasing demand and a shortage of supply.”
Paul Curran, Managing Director at Quartermile said: “We are delighted to have the backing of Moorfield to take Quartermile forward. With almost 500 apartments now sold and a constantly growing business community choosing to locate at the development including the latest tenants Skyscanner, Investec and Marriott, this is a very exciting time for everyone involved at Quartermile.”