TH buys Edinburgh leisure scheme

Published:  09 January, 2017

European Cities Fund buys 220,000-sq ft OMNi Centre

TH Real Estate has agreed to acquire the OMNi centre, a mixed-use asset in the heart of Edinburgh, from Aviva Investors. It is being acquired on behalf of TH Real Estate’s European Cities Fund, which was launched in 2016 as a pan-European open-ended real estate investment vehicle.

Totalling 220,000 sq ft, the OMNi centre is anchored by a 12-screen multiplex VUE cinema. The scheme incorporates a number of bars and restaurants, as well as a health and fitness club let to Nuffield Health, and a luxury 77-room five-star hotel trading as The Glasshouse. The purchase also includes a 990-space underground car park, which is let to and operated by Q-Park.

Located to the east of Edinburgh city centre, a short walk from Edinburgh Waverley rail station, St Andrew Square bus station and the York Place tram halt, the OMNi Centre is next to the Playhouse Theatre, and the John Lewis store which forms part of TH Real Estate’s Edinburgh St James centre which is undergoing a £1bn redevelopment.

Lead fund manager Andrew Rich said: “We believe the OMNi centre is an attractive investment for the fund due to the strong forecasted income return, high occupancy rate of over 96 per cent, a long, well-diversified and secure rental income base, and the asset’s prime location in Edinburgh’s East End.

“As well as being one of the fastest growing and youngest cities in the UK, Edinburgh is also the UK’s second most popular tourist destination after London. We strongly believe in the investment fundamentals of Edinburgh and feel that the OMNi will prove to be a strong asset for the Fund.”

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