French investor Remake Asset Management has acquired a prime office and retail block at the eastern end of Princes Street, Edinburgh for £29.53m.

The acquisition was brokered by BNP Paribas for the buyer and Lismore Real Estate Advisers for the seller, Redevco.

The block at 40 Princes Street was built in 2005 and has provided a home to fashion retailer H&M, while its grade A offices are fully let to tenants including wealth manager Adam & Co.

Flexible office provider Cubo is the latest tenant in the offices.

Pinsent Masons also advised Remake Asset Management, while Dentons advised Redevco.

Mercure Glasgow acquired

S Hotels & Resorts has bought the freehold of Mercure Glasgow City Hotel on Ingram Street from Alternative Income REIT for £7.5m.

The 91-room hotel is already operated by the purchaser, which will now have the option to undertake a significant refurbishment. S Hotels was advised by Savills.

Steven Fyfe, director in the hotel capital market teams at Savills Scotland, said: “The Scottish hotel market has already seen a threefold increase in investment volumes so far in 2023, with transactions totalling £165m.

“This latest acquisition is proof that the sector remains resilient despite a decline in activity elsewhere in the UK.”