AXA Real Estate Investment Managers has completed the acquisition of 3-5 Morrison Street, a core office building situated in the Scottish capital of Edinburgh.

AXA Real Estate Investment Managers has completed the acquisition of 3-5 Morrison Street, a core office building situated in the Scottish capital of Edinburgh.

The £30 mln (€36 mln) purchase from Climate Change Capital is earmarked for AXA Real Estate's Caesar Fund.

The building is located in the heart of Edinburgh's Exchange District, the prime office destination in the city. The acquisition is directly in line with the fund's strategy of investing in core office assets that are capable of generating secure, long term income streams with rental uplifts.

3-5 Morrison Street is an 82,282 sq ft (7,644 m2) five-floor landmark building which includes 57,024 sq ft of prime office space which is fully let to a leading global asset manager. The building also incorporates a newly refurbished 4,850 sq ft ground floor retail unit, let to one of the UK’s largest supermarket chains, an adjacent 20,408 sq ft four screen cinema and basement car parking.

The building has an average weighted unexpired lease term of 8.85 years.

Caesar Fund was launched by AXA Real Estate's Italian regulated subsidiary AXA REIM SGR with a first close of €118 mln in March 2012 and raised €209 mln at its second close in October 2012. It is a regulated closed ended fund for institutional investors targeting investments in well-let Core office buildings in the UK and the Eurozone.