Chris Stewart Group (CSG), the Edinburgh-based property development and investment company, has sold a major office building in the capital’s east end just two years after acquiring it.
The five-storey Greenside building has been acquired by Leading Cities Invest (LCI), a property investment fund managed by Frankfurt-based KanAm Grund Group, on undisclosed terms.
The building, covering 38,000 square feet, was purchased by CSG in 2016, with funding support from the Scottish Government-backed Spruce initiative, after it had lain empty for a number of years.
CSG undertook an extensive refurbishment of Greenside to increase its appeal to the city’s technology businesses. The revamped building, which was completed last autumn, is currently 85 per cent let, with just 5,000 sq ft remaining.
Greenside is the first property acquired by LCI in Scotland, and follows investments in Germany, Belgium, France and elsewhere in the UK.
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 is now occupied by some of the most exciting companies in technology, science and renewable energy and has attracted the attention of international investors.”