The purchase incorporates adjacent office buildings on the corner of Fettes Row and Dundas Street. Totalling 45,000 square feet, they are commonly known as Centrum House and Bupa House.

The union sees the two ‘Mactaggart’ companies, which were joined from 1925 until 1943 as Mactaggart & Mickel, going back to their roots to come together for this new landmark deal.

Other investors in the joint venture are Edinburgh-based Rennick Property - director Andrew Rennick led the deal - and Millard Estates.

Andrew Mickel, director of Glasgow-based Mactaggart & Mickel, said the deal “offers a rare opportunity to purchase two sought-after office blocks, perfectly positioned in the capital”.

He said: “With the number of jobs in the city set to grow rapidly over the coming years, there is a need for quality office space at affordable rental prices and we will continue to invest in these buildings in the future.”

William Laxton, chief investment officer at Mactaggart Family & Partners, added: “Edinburgh is a market with strong fundamentals across multiple sectors and further capacity for growth in rents and capital values.

“We are very pleased to work together with our joint venture partners in Scotland and specifically in a micro-location that has the capacity to outperform the wider market.”