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Development company Chris Stewart Group (CSG) has sold the Greenside office building in the east end of Edinburgh’s city centre, to Leading Cities Invest (LCI), a real estate investment fund managed by Frankfurt-based KanAm Grund Group.
The five storey office building, covering 38,000sq ft, was purchased by CSG in 2016, with funding support from the Government-backed SPRUCE initiative, after it had lain empty for a number of years. The Scottish-based property investor and developer undertook an extensive refurbishment of Greenside to maximise its aspect and appeal to the city’s technology businesses and the building, completed in autumn 2017, is currently 85 per cent let, with only 5,000 sq ft remaining.
Greenside is the first property acquired by LCI in Scotland, and follows investments in Germany, Belgium, France and the UK. Both parties have agreed to keep the sales price confidential.
This latest deal by the Chris Stewart Group team follows the sale of 20 West Register Street. The 60,000 sq ft office building which is being built as part of CSG’s Edinburgh city centre regeneration project, The Registers, has been acquired by the international real estate firm, Hines, in a forward purchase arrangement, for its European Core Fund.
Keith Mackie, Development Manager for CSG said:
“As a building, Greenside always had potential and bringing it back to life to appeal to modern ambitious occupiers has tested all who have been involved. However, with the right design and management approach it is now a very impressive addition to Edinburgh’s office stock. It has a BCO award to its name, it is now occupied by some of the most exciting companies in technology, science and renewable energy and has attracted the attention of international investors.”