UK: Actual property proprietor Criterion Capital has acquired 109-112 Princes Road in Edinburgh, a former Debenhams retailer, to rework it into the primary Zedwell resort in Scotland.
Occupying over 116,500 sq. ft, the brand new Zedwell can be situated near Previous City and the Royal Mile with views of Edinburgh Citadel and Princes Road Gardens.
The mission will mark the primary Zedwell in Scotland for Criterion. There are presently three Zedwell resorts in London (Greenwich, Piccadilly Circus, Tottenham Court docket Street) with planning permission for a further web site in Manchester granted at the start of 2024.
Asif Aziz, founder and CEO of Criterion Capital, stated: “Opening our first resort in Scotland is a major step in our formidable UK-wide enlargement of our distinctive Zedwell resort model. Edinburgh’s wealthy historical past, cultural significance and robust tourism sector make it a super location for Zedwell. This mission represents a implausible addition to our dedicated pipeline of twenty-two resorts with over 7000 rooms that, along with our increasing residential and industrial portfolios, will see our AUM exceed £6 billion.”
Actual property advisors JLL supported Criterion on the acquisition. Kerr Younger, head of UK nationwide resorts transactions, capital markets, JLL, added: “We’re delighted to have suggested on the sale of 109 Princes Road. Edinburgh stays the most effective performing resort market in Europe and JLL are very excited to be facilitating the entry of a brand new resort idea corresponding to Zedwell to the market which can assist the adaptive reuse of a strategically necessary property situated within the coronary heart of town centre.”
