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MAS Real Estate names new CEO, selling Edinburgh development to Legal & General

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MAS Real Estate names new CEO, selling Edinburgh development to Legal & General

MAS Real Estate Inc. named a new CEO and announced the forward sale of an office development property pre-let to the U.K. government in Edinburgh.

The company appointed Morné Wilken CEO, effective Jan. 1, 2018, succeeding Lukas Nakos, who is resigning.

Wilken joined the company's board as a nonexecutive director in August 2014.

Separately, MAS unit New Waverley 20 Ltd. agreed to sell the office land at the New Waverley development in Edinburgh to Legal & General Group Plc, which secured the property on behalf of Legal & General Retirement. New Waverly 20 will develop the pre-let office on a forward-sold basis.

New Waverley 20 has a 25-year lease with the U.K. government starting when the 189,111-square-foot property is complete, expected in June 2019. The lease has a tenant break at year 20 and an option to extend for a further 10 years. According to a release from Legal & General, the office space will span two linked buildings.

Under the deal terms, New Waverley 20 will receive the land value of £20.8 million upon the sale, with further development profits payable upon practical completion.