In a series of significant property deals, French investor Remake Asset Management has acquired a prime office and retail block in Edinburgh, while S Hotels & Resorts has secured the freehold of Mercure Glasgow City Hotel.

Remake Asset Management’s acquisition of the property at 40 Princes Street, Edinburgh, was finalized for £29.53 million. Built in 2005, the block has been a prominent location for fashion retailer H&M and houses grade A offices fully occupied by tenants such as wealth manager Adam & Co. Flexible office provider Cubo is the latest addition to the tenant list. BNP Paribas brokered the deal for the buyer, with Lismore Real Estate Advisers representing the seller, Redevco.

In Glasgow, S Hotels & Resorts purchased the freehold of Mercure Glasgow City Hotel on Ingram Street from Alternative Income REIT for £7.5 million. The 91-room hotel, already operated by the purchaser, is now poised for significant refurbishment. Savills advised S Hotels on the acquisition.

These transactions underscore the resilience and growth of the Scottish hotel market, which has seen a threefold increase in investment volumes in 2023, totaling £165 million. Steven Fyfe, director in the hotel capital market teams at Savills Scotland, remarked, “This latest acquisition is proof that the sector remains resilient despite a decline in activity elsewhere in the UK.”