Hines has agreed to acquire The Mint Building in Edinburgh from Scotland-based Chris Stewart Group on behalf of its European Core Fund.
The sales price was not disclosed.
The 60,000-square-foot Mint Building, located on St. Andrew Square, is due to be completed in early 2019 and is pre-leased on a 15-year lease. The ground floor comprises three retail units with two leased to Chinese restaurant Tattu and pizzeria brand Franco Manca.
Hines European Core Fund (HECF) is an open-end fund with a strategy to build a diversified core portfolio of income-producing commercial buildings throughout Europe.
In April, HECF completed the acquisition of Chatham & King, a mixed-use asset in Dublin. The seller is an affiliate of Lone Star Real Estate Fund III.
In 2017, HECF achieved the highest possible rating of five Green Stars out of a possible five and has been named a Global Sector Leader by GRESB in the 2017 Real Estate Assessment. The GRESB survey assesses sustainability in areas ranging from stakeholder engagement, building certifications, monitoring and EMS, to performance indicators, risks and opportunities, policies and disclosures, and management. The GRESB Sector Leader Awards Program recognizes real estate and infrastructure companies, funds and assets that have demonstrated outstanding leadership in sustainability.
