UBS Asset Management’s Triton Property Fund has acquired the site, in Sighthill Industrial Estate, after disposing of an industrial facility in Bristol for £9.6m.
The Scottish site has three high-specification units, totalling 46,835 square feet, which are currently let or under offer, and an adjacent 76,000 sq ft development due to complete in the autumn. This will offer 11 additional units from 3,360 sq ft to 14,700 sq ft.
Seven Hills was previously owned by Peveril Securities in a joint venture with Citivale, who were advised on the sale by Knight Frank, while JLL acted as advisor to UBS. Additionally, Seven Hills marks the 13th industrial property in Triton’s portfolio.
Portfolio manager Jonathan Hollick commented: “Edinburgh’s industrial market remains characterised by a lack of supply, making the development aspect of this investment particularly attractive, and leaving us confident in the asset’s ability to generate strong returns for the fund.”