German property investor KanAm Grund Group has acquired a fully-let office property in the Scottish capital Edinburgh for its Leading Cities Invest (LCI) fund from Prudential Assurance Company.
Financial details were not disclosed.
The building, Quartermile 3, is part of a development project by the international architectural practice Foster + Partners, and comprises more than 6,800 m2 of space. It has been awarded a Breaam 'Very Good' rating in the new construction category certifying environmental performance.
The main tenant of the building is State Street, a daughter company of the State Street Corporation, an international financial services provider with headquarters in Boston, USA. The second tenant, occupying the entire ground floor of Quartermile 3, is Cirrus Logic International Semiconductor Limited.
Located at 10 Nightingale Way, the asset was completed in 2018 as part of a scheme which comprises four office buildings, Quartermile 1-4, 1,050 premium apartments, a Marriott Hotel with 107 rooms, several retail spaces, an extra campus for the University of Edinburgh and a car parking concept offering more than 900 spaces.
The new University of Edinburgh Campus is called Edinburgh Futures Institute and is planning to welcome it´s first students in the autumn semester of 2021.
With the addition of Quartermile 3, LCI now holds investments in 33 assets in 25 locations across nine countries. Recent initiatives to transform its energy supply has seen the fund reduce CO2 emissions by 2.891 tonnes per year.
