Moorfield snaps up major mixed-use scheme in Edinburgh

Moorfield Group’s real estate fund III has bought the Quartermile project in Edinburgh from Gladedale Group for an undisclosed amount.

Quartermile is the mixed-use redevelopment of the 19-acre site of the former Royal Infirmary in the heart of Edinburgh. Masterplanned by the architects Foster + Partners, the scheme brings together residential apartments, Grade A office space, hotels, leisure and retail space.

Moorfield said it intends to develop the remaining phases of the scheme.

'Quartermile is Edinburgh’s most prestigious residential and mixed-use offering, and we are very excited by the potential to develop the rest of the scheme,' said Moorfield's chief investment officer Charles Ferguson Davie.

This investment represents Moorfield’s second deal for its third real estate private equity fund, which is focused on investing in quality real estate throughout the UK.

Paul Curran, managing director at Quartermile said: 'With almost 500 apartments now sold and a constantly growing business community choosing to locate at the development including the latest tenants Skyscanner, Investec and Marriott, this is a very exciting time for everyone involved at Quartermile.'