Investment firm APAM acquires Edinburgh office block for £9.64m
Real estate investment and asset management company APAM has acquired an office complex in Scotland.
The company paid £9.64m for OneSixty Dundee Street, a 48,000 sq ft scheme in the Fountainbridge area of Edinburgh city centre.
The building was originally developed as the headquarters of brewing business Scottish and Newcastle but is now multi-let to nine tenants, among them credit reporting agency Experian and Jacobs Engineering.
OneSixty Dundee Street currently has one vacant suite of 3,500 sq ft.
Patrick Freestone, senior investment manager at APAM, said: “We are delighted with the acquisition of OneSixty Dundee Street in conjunction with one of our South African private clients.
“The property sits within an exciting micro location in Edinburgh’s city centre, and with the prevailing supply and demand dynamics in Scotland’s capital, we see the acquisition as a great opportunity to capture growth and add value through our active asset management abilities.”
He continued: “We continue to actively seek core and core plus opportunities for our joint venture partners and private clients across all of the key UK regional markets and with lot sizes ranging from £5m to £100m.”
Property advisory firms Dougray Smith and Montagu Evans acted for APAM. The vendor was advised by JLL.
APAM is based in London and Manchester.