M&G Real Estate has acquired the 100,000sqft Exchange Plaza office building in Edinburgh on behalf of an international investor.
M&G confirmed the £54m (€58.6m) acquisition of the landmark asset, which was known to have been put on the market by Murray Capital, the investment arm of the Murray Family.
The identity of M&G’s separate-account client was not disclosed.
The prime office asset, in the heart of Edinburgh’s Exchange District, is home to Scottish Widows, Lloyds Banking Group and Aberdeen Standard.
M&G Real Estate said it had a long-standing presence in Edinburgh and continued to invest heavily in the city, most notably as part of the 4-acre mixed-use Haymarket development. Last year it also added 40 Torphichen Street, a 57,000sqft office asset, to its Scottish portfolio.
Martin Towns, head of UK commercial and global capital partnerships at M&G Real Estate, said: “Our deep knowledge and understanding of Edinburgh placed us in a strong position to access this deal and proved decisive in its eventual completion.
“The fundamentals of the Edinburgh occupier market are highly attractive, and we identified a significant opportunity to deploy capital today to generate future value for our investors.
“We are actively seeking opportunities throughout the UK to harness our leading investment expertise on behalf of international investors.”
Exchange Plaza is the latest transaction by M&G Real Estate’s capital solutions group, providing separate account and joint venture strategies to domestic and international investors.