Real estate giant Hines has sold the Royal Mail sorting warehouse at Edinburgh’s Sighthill Industrial Estate to ICG Real Estate for an undisclosed price.
The 215,745 square-foot facility is located adjacent to Hermiston Gait Retail Park.
About 700 staff are based at the facility with over 900,000 letters and 45,000 parcels handled there daily.
“Logistics remains a hugely important sector for Hines in the UK and Royal Mail’s sorting warehouse is a great example that we are not afraid to consider tactical sales while looking to redeploy capital into more accretive opportunities,” said Greg Cooper, managing director at Hines.
ICG Real Estate MD Chad Brown said: “We’re pleased to have acquired this well located and highly mission critical asset.
“The investment underlines our ongoing belief in the logistics market’s robust occupational tailwinds with the firm eager to deploy further capital in the sector across Europe.”
ICG was advised by Knight Frank and Marchmont Investment Management.