Developer Chris Stewart Group has sold the Greenside office building in Edinburgh to Leading Cities Invest, a real estate investment fund managed by Frankfurt-based KanAm Grund Group, for an undisclosed sum.
The deal represents LCI’s first property acquisition in the Scottish market.
The five-storey office building, which measures 38,000 sq ft, was initially acquired by Chris Stewart Group in 2016 with funding support from the government-backed initiative Scottish Partnership for Regeneration.
The Scottish-based property investor and developer then kicked off an extensive refurbishment in a bid to ramp up the building’s appeal to the city’s technology businesses.
The building, which completed in autumn 2017, is currently 85% let with only 5,000 sq ft of empty space remaining.
Keith Mackie, development manager for Chris Stewart Group, 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 is now occupied by some of the most exciting companies in technology, science and renewable energy and has attracted the attention of international investors.”
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