Trinova and Europi snap up Cuprum and The Stamp Office in £44m office acquisition swoop
A joint venture between TREOS (the discretionary fund vehicle of Trinova Real Estate) and Swedish real estate investor, Europi Property Group, has purchased two major Scottish office investment assets in Glasgow and Edinburgh over the past few weeks.
Cuprum was built in 2010 and is of Grade A quality, offering excellent floorplates, extending to 96,267 sq.ft over eight floors, plus 37 car parking spaces.
It is fully occupied, with the headline tenants being AXA Insurance (UK) plc and Teleperformance Ltd. It is also home to SAS Software Ltd and Citres Ltd.
Set on Argyll Street, in the western edge of Glasgow’s International Financial Services District (IFSD), Cuprum is very well connected to key city centre amenities and transport links.
The Stamp Office was originally built in 1819 and comprises a 52,177 sq.ft, seven storey classical Georgian building with four floors situated above Waterloo Place and three lower floors overlooking Calton Road to the rear, and adjacent to Edinburgh’s Waverley station.
Located in the heart of Edinburgh, the Category A listed building has been comprehensively redeveloped behind a retained facade to provide Grade A open plan office accommodation on all levels.
It is 85% occupied and tenants include Scottish Legal Complaints Commission, The Scottish Ministers, Covance, Queryclick and Senvion.
Colin Finlayson, Director of Lismore, who advised Credit Suisse on the sale of Cuprum and a UK institutional owner on the sale of The Stamp Office, said:
“We are seeing increased activity in the Scottish market, with investors like Trinova and Europi being drawn by renewed occupier activity, attractive yields and favourable exchange rates, along with the potential to add value.
“Cuprum attracted significant interest from both overseas and UK investors. It offers excellent tenant covenants and secure income. The Stamp Office offers an opportunity to reposition a quality office building adjacent to the St James Quarter.”
Martyn Brown, Director of CBRE, who advised the purchaser on Cuprum said:
“We are pleased to have secured this quality, ‘value add’ office investment for Europi and Trinova.
The asset offers clear asset management initiatives over the next few years, which will be implemented by our client, whilst taking advantage of the strong fundamentals that the Glasgow office market has to offer.”
Alasdair Steele, Partner of Knight Frank, who advised the purchaser on The Stamp Office said:
“The Stamp Office is in a prime office location, with exceptional nearby amenities and easy access to public transport. As organisations move towards a return to the office, with the right strategy and refurbishment programme the building can be turned into exactly the type of offering that occupiers are looking for: good quality, accessible and affordable accommodation in a prime city centre location.
It is very rare to find a building like this in Edinburgh and we are delighted that it is now part of Europi and Trinova’s portfolio.”
Lismore Real Estate Advisors represented Credit Suisse and the UK institutional owner on the sale of Cuprum and The Stamp Office respectively. CBRE advised the purchaser on Cuprum and Knight Frank advised the purchaser on The Stamp Office.