Real Estate expanded its office development portfolio in Scotland with the acquisition of a four-acre mixed-use site.

The real estate fund manager said it bought The Haymarket development site in Edinburgh for 拢49.1m (鈧�42.1m).

The site, which has a gross development value of around 拢280m, has planning permission for the development of three Grade A office buildings totalling 350,000sqft, provision for 40,000sqft of retail and leisure space, a 190-room hotel and a 172-room aparthotel.

The acquisition extends M&G Real Estate鈥檚 office development portfolio in Scotland and follows deals to fund the construction of Quartermile 3 and Quartermile 4 Edinburgh, in addition to plans to provide a 拢100m workplace at The Grid in Glasgow, the manager said.

Chris Perkins, the head of business space at M&G Real Estate, said: 鈥淎s a provider of investment solutions across geographies, sectors and product types, this investment reinforces our strategy of acquiring assets with potential for sustained income, strong capital appreciation located in targeted growth zones.鈥�

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