MAS acquires prime development site in Edinburgh

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JSE Alt-X listed and Isle of Man based real estate investment company MAS Real Estate (MAS) has acquired 100% of the shares in Artisan IP 10‚ the company established in 2011 to acquire and develop a much sought-after mixed-use site in the heart of Edinburgh’s historic city centre.

MAS previously owned 37.5% of Artisan as a member of a consortium that included South African partners such as Atterbury.

MAS MD Lukas Nakos said the new acquisition enjoyed the highest profile in the company’s portfolio that spans Germany‚ Switzerland and the UK.

Working closely with the City of Edinburgh Council‚ MAS will also acquire adjacent council land that substantially increases the size of the property. The enlarged site will link Edinburgh’s famous Royal Mile‚ the main thoroughfare of the Old Town‚ to the city’s main railway station.

The property forms part of a Unesco World Heritage site.

“The plans for the development will provide significant public spaces‚ including a new public square‚ in addition to office buildings‚ three hotels‚ 180 homes and a range of retail properties‚ bringing new life to the historic Royal Mile and creating a vibrant environment in which to live‚ work and play‚” said Nakos.

Nakos said the developer was working with the Edinburgh City Council to achieve approval of the new plans by the end of the year.

MAS recently changed its financial year-end to June 30 to align it with that of major shareholder Atterbury‚ which will be listing on the main board of the JSE later this year. MAS plans to follow with a move from the AltX to the main board.


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