Ocean Point, Edinburgh, UK

Background and Opportunity

• Acquisition from an institutional seller of an 8 storey office building totalling 62,500 sq ft with a strong yield of 8.7%, that had been largely sub-let by the immediate tenant
• Business plan to convert the sub-leases to direct leases and re-gear the income towards growing Edinburgh rents

Transaction Progress

• Lease up is continuing and there are active dialogues with both tenant and sub-tenants

Current Status

• Cash on cash equity return of 14% p.a.