LaSalle strengthens parks portfolio with £7m Technopole buy

By ERIKKA ASKELAND
Published on 21/06/2012 00:00

PROPERTY firm Grosvenor has confirmed the sale of the Edinburgh Technopole science park for more than £7 million.

LaSalle Investment Management acquired the park, based on the Bush Estate, on behalf of an un-named pension fund client after Grosvenor, the property vehicle of the Duke of Westminster, said it planned to shift focus to residential development.

LaSalle said the park would bring in more tenants as a result of joining its portfolio of six UK science parks.

Andrew Bull, European director at LaSalle said: “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.”

He added: “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.”

The University of Edinburgh, which owns the park’s 126-acres, expects new owners will give the Technopole a “shot in the arm”.

DTZ and Eric Young & Co are being retained by LaSalle as letting agents.

Property agents have also confirmed that 38,000 square feet of offices have been let at Edinburgh’s Quartermile. In addition to Scottish travel search firm, Skyscanner, Investec Wealth and Investment has taken a third-floor suite comprising 10,600 sq ft of space at Aviva’s Quatermile One.

Investec is relocating from existing premises in Edinburgh following its recent acquisition of Williams de Broe. It will consolidate all staff and in its new office during the second half of 2012.