UK - AFIAA, the global property investor owned by 18 Swiss pension funds, has made its second acquisition in the UK, having bought a new mixed-use development in Edinburgh.

The Swiss Foundation for International Real Estate Investments has been an active investor across global real estate markets in recent months and its latest acquisition is the Quartermile 2 development in the capital city of Scotland.

AFIAA said the building, which was acquired from local developer Gladedale Capital for an undisclosed sum, fitted into its ongoing "counter-cyclical" global investment strategy.

The Swiss fund was one of the first international investors to make a significant investment in the London commercial real estate market following the financial crisis, when it acquired the Schroders headquarters in Gresham Street in March 2009.

Hans Brauwers, chief executive at AFIAA, says the fund is now looking outside London in the UK, because the best opportunities the capital no longer proffers the best opportunities.

He said it was impossible to find a building in London to equal the quality of Quatermile 2 at a yield of 6.75%.

"I was the first one to invest in the UK market again in London," Brauwers said. "Now each London investment would be cyclical, but nowadays Edinburgh is anti-cyclical again."

Quartermile was formerly a royal infirmary and its redevelopment was completed this year, offering more than 5,000 square metres of mixed-use space.

It is currently 74% occupied by law firm Morton Fraser and AFIAA said the investment was projected to generate an annual total return of 6.75%.

Brauwers said the building was sustainable and should achieve a high BRE Environment Assessment Method (BREEAM) energy efficiency rating.

AFIAA is still on a global acquisition hunt in order to invest Swiss pension fund capital in the global markets ahead of recoveries.

Brauwers said he expected to make future investments in France, Australia and Canada, across the office, retail and logistics sectors.