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AFIAA purchases office investment property for £23 million
Part of the Quartermile business property development scheme in Edinburgh has been sold for £23 million.
AFIAA, a Swiss pension fund based in Zurich, purchased the Quartermile II office investment property from Gladedale Capital, the Scotsman reports.
Other parts of the commercial property development - worth a total of £450 million - are still available, but the scheme is said to be running five years behind schedule.
Plans for the site - which is designed by Foster and Partners - include more than 30,000 sq m of office accommodation, 10,000 sq m of leisure and retail space and more than 900 apartments.
The publication states law firm Morton Fraser has rented four of the six floors in the Quartermile II building, although certain parts of the entire development are yet to be completed.
It adds the developers are now looking to attract a large hotel chain to the site in order to give plans a boost.
Posted by Tom Baker
AFIAA, a Swiss pension fund based in Zurich, purchased the Quartermile II office investment property from Gladedale Capital, the Scotsman reports.
Other parts of the commercial property development - worth a total of £450 million - are still available, but the scheme is said to be running five years behind schedule.
Plans for the site - which is designed by Foster and Partners - include more than 30,000 sq m of office accommodation, 10,000 sq m of leisure and retail space and more than 900 apartments.
The publication states law firm Morton Fraser has rented four of the six floors in the Quartermile II building, although certain parts of the entire development are yet to be completed.
It adds the developers are now looking to attract a large hotel chain to the site in order to give plans a boost.
Posted by Tom Baker
Mon, 16th Aug 2010