Southside Capital, a joint venture between Gladedale and Bank of Scotland, is selling two assets with a total space of 180,000 sq ft (16,800 m2) for £81.4 mln (EUR 120 mln). The company has also leased some 50,000 sq ft at Edinburgh's premier urban development area Quartermile to Maclay Murray & Spens. UK law firm Shepherd and Wedderburn acted as advisor for Southside Capital.
Southside Capital, a joint venture between Gladedale and Bank of Scotland, is selling two assets with a total space of 180,000 sq ft (16,800 m2) for £81.4 mln (EUR 120 mln). The company has also leased some 50,000 sq ft at Edinburgh's premier urban development area Quartermile to Maclay Murray & Spens. UK law firm Shepherd and Wedderburn acted as advisor for Southside Capital.
The disposals include a seven-storey building for £21.4 mln to The Ascott Group for the development of the 'Citadines Edinburgh Quartermile' hotel. The 107-bed residence, which will be refurbished by Ascott for around £3.3 mln, marks the company's first acquisition in Scotland. The hotel is expected to open in mid-2009. The Norman Foster-designed building Q2 at One Quartermile was also sold for £60 mln to Norwich Property Trust.
