PROPERTY ACQUISITION
MAS grows portfolio with £71m Edinburgh deal
MAS Real Estate made its second acquisition in less than a week on Friday, buying two office buildings known as Princes Exchange and New Uberior House in Edinburgh, Scotland, for £71m. MAS, through subsidiary MAS (IOM) Holdings, concluded a sale and purchase agreement to acquire the entire issued share capital of New Uberior House, which owns the two adjoining commercial buildings. The £71m purchase price was settled in cash. Bank debt of £39m, would be drawn against the property, which will result in a net equity investment of £32m, before acquisition costs. Morné Wilken, CEO of MAS, said the acquisition of the grade A office buildings in the heart of the financial district of Edinburgh "proved the unique deal-making capabilities of the team". "This further leverages our significant experience in the Edinburgh property market, having delivered on the award-winning New Waverley mixed-use development," he said. The office buildings are grade A and have an aggregate gross lettable are...
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