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Climate Change Capital Property Team Makes Second Purchase
Climate Change Capital has paid £24m for a mixed-use building in Edinburgh in its second UK purchase
The price paid for the 81,000 sq ft 3-5 Morrison Street building reflects a yield of around 7.5%.
The 57,000 sq ft of offices are let to asset manager Franklin Templeton. The remainder consists of a 19,000 sq ft cinema let to Odeon and 5,000 sq ft of retail let to Sainsbury's. The annual rent roll for the property is £1.86m and all three tenants have around 13 years left on their leases.
Climate Change Capital made its first purchase in March, when it bought the 80,000 sq ft 5 St Philips Place in Birmingham for £30m from New Star.
King Sturge acted for the vendor, Hermes Property Unit Trust; Knight Frank acted for Climate Change Capital.
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