M&G Real Estate expanded its office development portfolio in Scotland with the acquisition of a four-acre mixed-use site.
The real estate fund manager said it bought The Haymarket development site in Edinburgh for £49.1m (€42.1m).
The site, which has a gross development value of around £280m, has planning permission for the development of three Grade A office buildings totalling 350,000sqft, provision for 40,000sqft of retail and leisure space, a 190-room hotel and a 172-room aparthotel.
The acquisition extends M&G Real Estate’s office development portfolio in Scotland and follows deals to fund the construction of Quartermile 3 and Quartermile 4 Edinburgh, in addition to plans to provide a £100m workplace at The Grid in Glasgow, the manager said.
Chris Perkins, the head of business space at M&G Real Estate, said: “As a provider of investment solutions across geographies, sectors and product types, this investment reinforces our strategy of acquiring assets with potential for sustained income, strong capital appreciation located in targeted growth zones.”