Major Scottish office acquisitions concluded

A joint venture between TREOS (the discretionary fund vehicle of Trinova Real Estate) and Swedish real estate investor, Europi Property Group, has purchased two major office investment assets in Glasgow and Edinburgh.

Cuprum, located on Glasgow’s Argyll Street, was built in 2010 and is of Grade A quality, extending to 96,267 sq ft over eight floors. It is fully occupied, with the headline tenants being AXA Insurance (UK) plc and Teleperformance Ltd. It is also home to SAS Software Ltd and Citres Ltd.

The Stamp Office was originally built in 1819 and comprises a 52,177 sq ft, seven-storey Georgian building with four floors situated above Waterloo Place and three lower floors overlooking Calton Road to the rear, and adjacent to Edinburgh’s Waverley station. The A-Listed building has been redeveloped behind a retained facade to provide Grade A open plan office accommodation. It is 85% occupied and tenants include Scottish Legal Complaints Commission, The Scottish Ministers, Covance, Queryclick and Senvion.

Colin Finlayson, director of Lismore, who 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. Cuprum attracted significant interest from both overseas and UK investors. It offers excellent tenant covenants and secure income. The Stamp Office offers an opportunity to reposition a quality office building adjacent to the St James Quarter.”