International property group Grosvenor has confirmed that it has sold its stake in Edinburgh Technopole, the world-class science and business park based on the Bush Estate, south of Edinburgh.
An agreement has been reached with LaSalle Investment Management, acting on behalf of a pension fund client, to purchase Grosvenor’s interests in the park. The date of entry was confirmed as 18 June 2012.
Grosvenor’s stake in Technopole includes the freehold of Bush House, the 18th century Adam-designed mansion lying at the heart of the park, together with buildings The Technopole Centre, Charles Darwin House and The Fleming Building - held by way of a ground lease from Edinburgh Research and Innovation Limited, the University of Edinburgh’s successful Technology transfer company.
Edinburgh Technopole was first set up in 2000 as a joint venture between The University of Edinburgh and Grosvenor. Since then it has created an international reputation in providing state-of-the-art facilities set in 126-acres of rolling parkland at the foot of the Pentland Hills, yet less than seven miles from the centre of Edinburgh.
The park now brings together a business community made up of 22 companies and 350 employees mixing innovative start-ups with established global names. Current tenants include IndigoVision, Xilinx, Biobest and Kendle (now part of INC Research).
David Sivewright, Projects Director at Grosvenor, said: “The sale of our interests in Edinburgh Technopole reflects a shift in Grosvenor’s UK strategy towards residential-led projects. “
Edinburgh Technopole has been one of Scotland’s success stories and has established itself as a truly world-class business hub. Grosvenor has enjoyed an excellent working relationship with the University of Edinburgh as our joint venture partner during the last 12 years.
“We are pleased that the University now has a new partner moving forward to build on the solid platform that has been created at the park.”
Andrew Bull, European Director at LaSalle Investment Management added: “Edinburgh Technopole is a welcome addition to the largest portfolio of science parks in the UK – one that stretches from Havant on the south coast and now to Edinburgh. Each of our science parks remains specialised and distinctive, but our accumulated experience benefits all six.”
“Technopole has the potential to be a destination for the UK’s science and technology sector. At the top of our agenda are better central services, improvements in sustainability, new tenants and steady growth in tough economic times.”
Edinburgh Technopole currently provides 100,000 sq ft of existing high quality office and lab space, with potential for new space totalling some 500,000 sq ft. State-of-the-art brick and glass buildings are linked by high speed fibre-optic broadband connectivity, while internal access roads link the park to its neighbours. The park also offers a range of serviced office facilities
Edinburgh Technopole is part of a major cluster of world-class scientific institutes situated in the Midlothian area, known as the Edinburgh Science Triangle. Organisations based there include the Pentlands Science Park, The Roslin and Moredun Institutes, The University of Edinburgh's Royal (Dick) School of Veterinary Studies and the Centre for Ecology & Hydrology run by the Natural Environment Research Council (NERC). Currently, the area is home to more than 100 companies employing around 1500 highly-skilled workers.
Agents DTZ and Eric Young & Co are being retained by LaSalle as letting agents, with DTZ acting for Grosvenor for the sale. Jamie Fergusson, DTZ’s Associate Director adds: “DTZ has worked closely with Grosvenor over the last twelve years in relation to the letting and management of Edinburgh Technopole. Despite challenging market conditions and being in a specialist investment area, Technopole proved to be an attractive asset due to its fantastic environment, good build quality and proven track record for attracting research orientated clients in this vibrant area of Edinburgh’s property market.”
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor Britain & Ireland
Grosvenor Britain & Ireland’s strategy emphasises the creation and management of successful places, with a particular focus on high-end residential and mixed-use. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain & Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres around the UK. As at 31 December 2011, Grosvenor Britain & Ireland had assets under management of £4.2bn
LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. With nearly 700 employees in 16 countries worldwide, LaSalle manages approximately £26 billion of private and public property equity investments. Its diverse client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.