M&G’s prestigious Quartermile 3 office development near Edinburgh’s Meadows is under offer to German investor KanAm “in excess of the asking price,” according to a Property Week report.

The sale of the six-storey office building sought bids of more than £45 million. 

In the first round, it collected bids from a number of Korean and German funds, the report said.

The 72,991 sq ft building is 90% pre-let to Massachusetts-headquartered State Street bank, which has taken 65,500 sq ft.

A deal by KanAm would not be its first in Scotland. 

In May, its European cities fund bought Edinburgh House at 4 North St Andrews Street for around £31 million.

Lismore acted for M&G, Knight Frank advised KanAm.