PGIM Real Estate acquires Argyle House from Kennedy Wilson
PGIM Real Estate has acquired Edinburgh’s Argyle House from global real estate investment company, Kennedy Wilson. PGIM Real Estate is the $210 billion real estate investment firm of PGIM.
Argyle House is fully let to the UK government. The building is minutes away from Edinburgh’s tourist attractions, Royal Mile and Edinburgh Castle, as well as a major student hub with the University of Edinburgh.
“Supported by the strong underlying fundamentals of the city, Argyle House combines a secure income stream with fantastic long-term potential for redevelopment and regeneration in the heart of Edinburgh city center,” said Charles Crowe, head of UK investment at PGIM Real Estate.
Matt Milroy, head of asset management, United Kingdom, at Kennedy Wilson, added, “We acquired Argyle House opportunistically as part of a larger non-performing loan portfolio in 2014, identifying a strong underlying asset in a fantastic location, generating government-backed income.