La Française Real Estate Managers lands second prime office building in Scotland
La Française Real Estate Managers recently completed the off-market acquisition of its second real estate asset in Scotland and the first on behalf of one its French collective real estate investment vehicles. The vendor, GSS Developments Ltd., is a privately owned and run property development business, established in 2000.
The office building, completed in 2018 by GSS Developments, is located in the Exchange district of Edinburgh, at 2 Semple Street. The Exchange district has a concentration of modern office buildings occupied by financial and commercial tenants.
The six-storey corner building provides 35,090 sq.ft. of offices, 9,776 sq.ft. of retail space and basement arrival facilities. The property is multi let to occupiers Including Huawei Technologies Co. Ltd. - a multinational technology company and RSM - a provider of audit, tax and consulting services. The property factors in sustainability and wellbeing enhancements, including BREEAM “Very Good” and EPC “A” ratings, air-conditioning delivered via Air source head pump technology, intelligent LED lighting on all floors, 47 bike spaces with maintenance facilities, electric car charging points and good connectivity by various means of transport.
La Française Real Estate Managers was advised by Savills and by Lindsays on legal aspects. GSS was represented by JLL and by Addleshaw Goddard on legal aspects.
Peter Balfour, Managing Director, Head of Real Estate – UK, La Française Real Estate Managers, said “Approximately ten percent of the real estate portfolio managed by La Française Real Estate Managers is located outside of France. The building’s strong sustainability credentials, coupled with a limited supply of quality buildings, makes 2 Semple Street a valuable addition to our rapidly growing international real estate portfolio. It’s been a pleasure dealing with GSS Developments which has delivered a product that suits a long-term investor.”
Paul Stevenson, GSS Developments Director, said “We are proud to have delivered 2 Semple Street, which is widely regarded as a high quality and market leading building, benefiting from strong sustainability credentials; a goal we sought to achieve in 2016 when construction commenced. Securing blue chip occupiers such as Huawei and RSM, coupled with this disposal to an international asset management group such as La Francaise, is testament to the quality of product GSS Developments have delivered at 2 Semple Street.”
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