UK: Actual property proprietor Criterion Capital has acquired 109-112 Princes Avenue in Edinburgh, a former Debenhams retailer, to rework it into the primary Zedwell lodge in Scotland.
Occupying over 116,500 sq. ft, the brand new Zedwell will probably be positioned near Outdated City and the Royal Mile with views of Edinburgh Fort and Princes Avenue Gardens.
The mission will mark the primary Zedwell in Scotland for Criterion. There are at the moment three Zedwell resorts in London (Greenwich, Piccadilly Circus, Tottenham Court docket Highway) with planning permission for an extra website in Manchester granted firstly of 2024.
Asif Aziz, founder and CEO of Criterion Capital, mentioned: “Opening our first lodge in Scotland is a big step in our formidable UK-wide enlargement of our distinctive Zedwell lodge model. Edinburgh’s wealthy historical past, cultural significance and powerful tourism sector make it an excellent location for Zedwell. This mission represents a unbelievable 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 Avenue. Edinburgh stays one of the best performing lodge market in Europe and JLL are very excited to be facilitating the entry of a brand new lodge idea corresponding to Zedwell to the market which is able to help the adaptive reuse of a strategically vital property positioned within the coronary heart of town centre.”
