A fund managed by Savills Investment Management (formerly Cordea Savills), has acquired 71-77 Princes Street & 1 Hanover Street in Edinburgh from Universities Superannuation Scheme (USS), for £24 mln (€34 mln).

A fund managed by Savills Investment Management (formerly Cordea Savills), has acquired 71-77 Princes Street & 1 Hanover Street in Edinburgh from Universities Superannuation Scheme (USS), for £24 mln (€34 mln).

The retail investment comprises four Grade B listed buildings which fall within a Unesco World Heritage site. It is multi-let to Costa Coffee, Fraser Hart, Dr Martens, 3 Store, O2 and Great Scot for a combined rental income of £1.3 mln per annum.

The Savills IM European Commercial Fund is partially reinvesting proceeds from office sales in London and Edinburgh.

USS was established in 1975 as the principal defined benefit pension scheme for universities and other higher education institutions in the UK. It has over 330,000 scheme members across nearly 400 institutions and is one of the largest pension schemes in the UK, with total fund assets of £48 bn.

USS was represented by Morgan Williams. Savills IM was advised by Savills.