Grosvenor says sale is linked to UK focus switching to residential-led projects
International property-related group Grosvenor has sold its stake in the Edinburgh Technopole science and business park.
The value of the deal and the pension fund buying the stake have not been disclosed.
Grosvenor’s stake in Technopole includes the freehold of Bush House, The Technopole Centre, Charles Darwin House and The Fleming Building, which Grosvenor held by way of a ground lease from Edinburgh Research and Innovation Ltd, the University of Edinburgh’s technology transfer company.
The Edinburgh Technopole development, on the Bush Estate in the south of Edinburgh, was set up in 2000 as a joint venture between The University of Edinburgh and Grosvenor.
The park now brings together a business community made up of 22 companies and 350 employees mixing start-ups with established global names.
Current tenants include IndigoVision, Xilinx, Biobest and Kendle, which is 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.”