French buyer

GSS sells Exchange offices to Paris-based La Francaise

2 Semple Street: sold in off-market deal

GSS Developments (GSS) has completed its largest deal to date with the sale of a new-build office block in Edinburgh’s Exchange district.

The six-storey building at 2 Semple Street has been acquired by La Française Real Estate Managers and represents only the second real assets acquisition for the Paris-based firm.

The corner unit was built between 2016 and 2018 and features 35,090 sq ft of offices, 9,776 sq ft of retail space and basement arrival facilities.

It is let to a number of global occupiers including Huawei Technologies Co, RSM, Womble Bond Dickinson, Poundland and F45 gym.

McLaughlin and Harvey was the lead building contractor for the project.

Paul Stevenson, GSS Developments director, said “The sale of 2 Semple Street to La Française Real Estate Investment Managers is a significant off-market transaction for our business and a strong indicator of the continued strength of the Edinburgh office market.” 

Peter Balfour, of La Française Real Estate Managers, said: “Approximately 10% 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.”

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