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City office deal due

Quartermile 3 under offer to German investor Kan Am

Quartermile 3 is on the former infirmary site

Quartermile 3 in Edinburgh is close to being acquired by German investor Kan Am in excess of the asking price.

M&G’s six-storey office building on the site of the former Royal Infirmary is expected to sell for at least £45m, according to Property Week.

A first round of bids came from a number of Korean and German funds.

The 72,991 sq ft building is 90% pre-let to Massachusetts-headquartered State Street bank, which took 65,500 sq ft when it moved from Crewe Toll.

In May, Kan Am Group’s European cities fund bought Edinburgh House at 4 North St Andrew Street in a deal estimated at £31m.

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