Consortia deal

Swoop on two key offices in Glasgow and Edinburgh

Sold: Cuprum and Stamp Office

A joint venture between TREOS, the discretionary fund vehicle of Trinova Real Estate, and Swedish real estate investor, Europi Property Group, has acquired two Scottish offices in Glasgow and Edinburgh.

Cuprum is a Grade A facility on Argyll Street, Glasgow, built in 2010 and extending to 96,267 sq.ft over eight floors, with 37 car parking spaces. It is fully occupied, with the headline tenants being AXA Insurance (UK) and Teleperformance. It is also home to SAS Software and Citres.

The Stamp Office was built in 1819 and comprises a 52,177 sq.ft, seven storey Georgian building with four floors of Grade A space above Waterloo Place and three lower floors overlooking Calton Road to the rear, and adjacent to Edinburgh’s Waverley station.

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

Lismore Real Estate Advisors represented Credit Suisse and the UK institutional owner on the sale of Cuprum and The Stamp Office respectively.  CBRE advised the purchaser on Cuprum and Knight Frank advised the purchaser on The Stamp Office.

Colin Finlayson, director of Lismore, 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.

“Cuprum attracted significant interest from both overseas and UK investors.”

See also: LumiraDx expands footprint at Maxim Park

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