NYSE-listed global real estate manager Kennedy Wilson has bought a $106m (€91.6m) office building in Scotland from Patrizia.
Kennedy Wilson said it has acquired the Waverleygate office building in Edinburgh. Waverleygate is adjacent to Edinburgh’s main railway station, Waverley train station.
The building is 97% occupied by tenants including Amazon, Microsoft, H&M, the Scottish Government, and the National Health Service.
Mike Pegler, the head of UK at Kennedy Wilson, said: “This acquisition reflects our view that, at current pricing levels, there is attractive value in the UK office market particularly for assets located in major employment hubs with high-quality educational institutions.
“Waverleygate immediately adds solid recurring income from a strong tenant base and presents multiple opportunities to grow NOI and asset value by further enhancing environmental credentials and overall management of the property.”
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