Trinova Real Estate acquires Citymark

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Trinova Real Estate has acquired Citymark, 150 Fountainbridge, Edinburgh from Ardstone Capital in an off market transaction.

The property, Citymark, 150 Fountainbridge, was previously held in the Ardstone UK Regional Office Fund, which was launched in mid-2013 and is managed by Ardstone Capital for clients of CBRE GIP.

The property provides 102,115 sq ft of office accommodation and is leased to Lloyds Banking Group until 2026.

The transaction represents the first acquisition by Trinova for a new strategy, and the first sale by Ardstone from its UK Regional Office Fund.

Sam Resouly, partner at Trinova responsible for the national office markets commented:
“Following our recent sales in London and Birmingham, we are delighted to have acquired this high-quality, long-let asset. We continue to search for high-quality defensive investments in the large regional cities.”

Craig McDonald, managing director of Ardstone Capital UK commented:
“We are pleased with the result, the manner of the sale and the return it has provided our investors and we are looking to reinvest the proceeds into the regional office market without delay.”

Alex Bignell, Managing Director of CBRE GIP further noted:
“The investment in Citymark has delivered an attractive return for our clients. CBRE GIP and Ardstone Capital remain focused on maximising the returns from the other assets held by our programmatic venture.”