Money

Joint venture buys Glasgow and Edinburgh prime offices for £44 million



A joint venture between two property groups has purchased a pair of prime Scottish offices for £44m.

Trinova Real Estate discretionary fund TREOS has joined Swedish real estate investor Europi Property Group to buy the Stamp Office and the Cuprum Building.

Situated in the western edge of Glasgow’s financial district, Cuprum was built in 2010 and comprises 96,267 sq ft over eight floors, plus 37 parking spaces.

It is fully occupied by AXA Insurance, Teleperformance, SAS Software and Citres.

The Stamp Office was built in 1819 and is a 52,177 sq ft, seven storey Georgian building, with four floors situated above Waterloo Place and three lower floors overlooking Calton Road in Edinburgh.

It is 85% occupied and tenants include Scottish Legal Complaints Commission, Scottish ministers, Covance, Queryclick and Senvion.

Colin Finlayson, director of Lismore, which advised Credit Suisse on the sale of Cuprum and a UK institutional owner on the sale of The Stamp Office, said: “We are seeing increased activity in the Scottish market, with investors like Trinova and Europi being drawn by renewed occupier activity, attractive yields and favourable exchange rates, along with the potential to add value.”

Martyn Brown, director at CBRE, which advised the purchaser on Cuprum, added: ”The asset offers clear asset management initiatives over the next few years, which will be implemented by our client, whilst taking advantage of the strong fundamentals that the Glasgow office market has to offer.”

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