Global real estate investment company Kennedy Wilson has acquired Waverleygate, a wholly-owned prime office building in Edinburgh, from the real assets investment manager PATRIZIA for $106 million, excluding closing costs.
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“Waverleygate immediately adds solid recurring income from a strong tenant base and presents multiple opportunities to grow NOI and asset value by further enhancing environmental credentials and overall management of the property.”
Waverleygate is one of the most prominent office buildings in the heart of Scotland’s capital city and is 97% occupied by national credit-worthy tenants including Amazon, Microsoft, H&M, the Scottish Government, and the National Health Service. With a Class A vacancy rate in Edinburgh City Centre of 2%, Kennedy Wilson will invest in the property to provide first class amenities and take advantage of the significant growth opportunity in the Edinburgh market.
Waverleygate, which currently produces approximately $6 million of annual net operating income, underwent a significant renovation in 2004 that delivered approximately 203,400 square feet of modern open-plan office space across eight floors and retained the Grade A listed Italian Renaissance façade. The property’s ESG credentials now include an energy rating of EPC B and BREEAM Very Good, and Waverleygate’s wellness features include four landscaped roof gardens with panoramic views, shower facilities, a basement level gym occupied by The Gym Group, bike parking and 50 dedicated vehicle parking spaces.
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“This acquisition reflects our view that, at current pricing levels, there is attractive value in the UK office market particularly for assets located in major employment hubs with high-quality educational institutions,” said Mike Pegler, Head of UK at Kennedy Wilson. “Waverleygate immediately adds solid recurring income from a strong tenant base and presents multiple opportunities to grow NOI and asset value by further enhancing environmental credentials and overall management of the property.”
Waverleygate is adjacent to Edinburgh’s main railway station, Waverley train station, and offers excellent connectivity across all modes of transport, including walking and cycling. It is situated near St Andrew Square tram stop, with a direct link to Edinburgh International Airport, and is opposite the newly opened $1.3 billion St James Quarter mixed-use development that further enhances the local amenity offering.
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