Created Date:
18 December 2023
real estate

Carey Olsen advises Patrizia on sale of 9-10 St. Andrew Square, Edinburgh

Carey Olsen has advised Patrizia Hanover Property Unit Trust on the sale of an office property, being a 63,195 sq ft office block at 9-10 St. Andrew Square (the "Property"), by means of a sale of a Jersey property unit trust holding vehicle. The Property is in a historically significant location in the heart of Edinburgh's New Town.  

The Property was sold to the real estate investment manager Tristan Capital Partners ("Tristan") and the hospitality group Queensway with plans to convert the property into a Point A Hotel, subject to planning.

Fund manager, Simon West of Patrizia, commented: "On behalf of Patrizia Hanover PUT, we are very pleased to have completed the sale of St. Andrew Square at a price ahead of valuation. Proceeds will be used to fund a number of accretive capex projects across the wider portfolio with a continued focus on decarbonisation, a strategy that has delivered consistent out-performance for the fund."

The Jersey corporate and investment funds team advising was led by partner Daniel O'Connor, assisted by senior associate Mark Slater and associate Evija Vanaga.