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Another key property acquired

Jenners building poised for sale to German investor

Jenners

Jenners: building for sale (photo by Terry Murden)

Jenners department store building on Edinburgh’s Princes Street is likely to be sold to a German investor in a £55m deal.

The property facing the Castle is in the sights of Triuva which has recently bought two other prominent developments in the city – Quartermile 4 and and an office building in the new Waverleygate district.

Jenners’ owner House of Fraser sold the building for £37m to an Irish private investor who lets it to Jenners. There are 23 years remaining on the lease and the prospective sale price would produce a 4.5% yield.

In May, Triuva paid £68m for the 128,600 Quartermile 4 building which is under construction and will house FanDuel and CirrusLogic.

In September it bought a 205,000 sq ft building at Waverleygate off the Royal Mile for £63m.

Sheridan Property Consultants is acting for the vendor, while Cushman & Wakefield is acting for TRIUVA.

Ocean Terminal shopping centre in Leith is also back on the market with owner Resolution Property cutting its price to about £55m against the £80m it was seeking a year ago.

A number of deals have been agreed but have fallen through, according to Property Week. It is thought the closure of Bhs has not helped with marketing the development.

CBRE is advising on the sale.

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