Catella APAM (“APAM”), the specialist UK & Ireland real estate asset manager has acquired Caledonian Exchange in Edinburgh city centre from a UK Property Fund on behalf of its, Cape Town based client, New Property Ventures (NPV).
Comprehensively refurbished in 2017, Caledonian Exchange is a high quality and prominent multi-let asset located on the approach to the city centre via the West Approach Road and within walking distance to the West End, Princes Street and one of Edinburgh’s main railway stations, Haymarket.
The building totals c. 60,000 sq ft set over 5 floors and is multi-let to six tenants with c. 18,000 sq ft currently available to let. Occupiers include Motorola Solutions UK, Dalmore Capital Ltd, Lindsays and Ciena Ltd.
Andrew Day, Senior Asset Manager at APAM, comments: “We are delighted to acquire Caledonian Exchange as part of the continued expansion of NPV’s UK regional office portfolio, which now exceeds £70M. The asset is in an excellent location, readily accessible to transport and the fantastic Edinburgh leisure and F&B offerings. APAM has had significant asset management success in Edinburgh with 160 Dundee Street, where following an extensive refurbishment in 2020, is now fully let. Caledonian Exchange presents several asset management opportunities and, utilising APAMs local knowledge and our asset management expertise. will implement to reposition the asset as best in class office provision to reflect the markets continuing demand for good value, high quality accommodation which is complemented by a strong amenity offering and ESG strategy. It also typifies the ongoing investment we make into our assets throughout the portfolio.”
Duart Keith, EYCO, comments: “EYCO are pleased to have secured Caledonian Exchange off market for APAM, and we are looking forward to working together to further enhance the asset by letting floors and adding value in what is an increasingly buoyant occupational Edinburgh city centre market’.