MAS Real Estate Inc.'s New Waverley 12 Ltd. unit agreed to sell the Premier Inn and Hub by Premier Inn hotels and associated retail space in Edinburgh to Union Investment Real Estate GmbH for £38 million.

The property at 31–37 East Market St. forms part of the New Waverley development. The property operator and manager may make an up to £150,000 contribution that will be used for external works to one of the assets in the property.

The sale is expected to complete on or around Nov. 7, subject to suspensive condition and to MAS finalizing third-party arrangements by Oct. 31.