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PATRIZIA Immobilien buys UK office complex for £26M

Germany-based diversified real estate company PATRIZIA Immobilien AG acquired the Apex House office complex in Edinburgh from Catalyst Capital for £26 million.

The purchase was made on behalf of a fund managed by PATRIZIA for a German pension fund.

Apex House features three buildings spanning over 90,000 square feet of space in total, as well as 136 parking spaces. Tenants at the complex, which is 80%-occupied with an average remaining lease term of four years, include Scottish Enterprise and Scottish Further and Higher Education Funding Council, among others.

Additionally, PATRIZIA said it expects to complete its acquisition of Rockspring Property Investment Managers LLP by the end of the first quarter, according to a release.