Capreon in £37 million Edinburgh Quay deal
Capreon, the real estate investment and advisory arm of family office Noé Group, has acquired three office buildings in Edinburgh from German asset manager DWS in a £36.8 million deal.
The neighbouring buildings on the Union Canal at Edinburgh Quay, are 92% leased to tenants including iPhone giant Apple, media firm Bloomberg, and regulator the Financial Conduct Authority.
Edinburgh Quay is part of the former Scottish & Newcastle Breweries site at Fountainbridge.
Capreon said it is focused on investing in “areas where people want and need to work, in offices with excellent amenities and strong ESG credentials, high-tech campuses and life science assets”.
Managing director George Minns said the buildings are a “fantastic asset in Capreon’s ever-growing portfolio.
“We are buying income with excellent covenants in an undersupplied market, at a 25% discount to replacement cost, while also delivering a net zero carbon business plan.”
Partner Raphael Noé added: “This transaction highlights our ability to invest thematically on behalf of our investor clients and we have identified significant appetite from them to grow this strategy further in 2023.
“We are pleased to have now closed this deal and continue to look for further opportunities in the European market.”