Proposed Scottish Stock Exchange headquarters announced
- Head office of impact-focused stock exchange to be established on George Street in Scotland’s capital city, Edinburgh
- 7,800 sq. ft let from Crown Estate Scotland in prime location
- Progress towards proposed Scottish Stock Exchange takes further step
(6th June 2019, Edinburgh)
Posted by Martha Walsh, Communications Director
The proposed Scottish Stock Exchange, due to launch later this year, is to locate its headquarters at 39 George Street, Edinburgh, having signed an initial four year lease with Crown Estate Scotland for 7,800 sq. ft (725 sq. m) of office accommodation. Project Heather, the team assembled to establish an impact-focused, Scottish-based, global facing stock exchange, will occupy the space shortly. The office space, spread over two floors, provides ample space for further expansion of the team, with further senior appointments to be announced shortly.
In addition to housing the headquarter offices of the exchange, 39 George Street is intended to become a focal point for collaboration among partners of Project Heather to help change the way capital markets operate to better benefit the whole of society. Open access events for those participating in this transformation will be held onsite, with a view to harnessing collective insight and willpower. Representative offices in Scotland’s other cities will follow.
By partnering with Crown Estate Scotland, Project Heather signals the importance of shared principles across the value chain. Since it was established independently of the Crown Estate in 2017, Crown Estate Scotland has aligned with the United Nations’ Sustainable Development Goals with a core aim of delivering lasting social, environmental and economic value.
Tomás Carruthers, CEO and founder of Project Heather, said: “We are delighted to secure our new home, and look forward to establishing a physical hub for our brand of 21st century finance. We are also pleased to be working with Crown Estate Scotland as a landlord, an organisation which shares our values of social and environmental sustainability.”
Lynne Higgins, Head of Finance & Commercial at Crown Estate Scotland, said: “It’s fitting that the home of the new Scottish Stock Exchange will be in Crown Estate Scotland’s George Street property. As well as the benefits our prime city centre property offers up, Project Heather’s focus on impact investment aligns with our own strategic focus on managing assets to deliver wider, positive change. We’re looking forward to working with them in the coming years.”
Cameron Stott, Director at JLL, who advised Project Heather, said: “39 George Street is a prestigious address and an ideal location for the establishment of the stock exchange. There are many synergies between the parties; both of whom moved swiftly to secure the letting which is proving to be crucial in an increasingly tight commercial property market.”
Stewart McMillan, Partner at Cushman and Wakefield, who advised Crown Estate Scotland, said: “We are delighted that Project Heather has chosen 39 George Street as the base for this exciting new operation. There has been significant office letting activity on George Street in recent times and this commitment is a further endorsement of Edinburgh’s core city centre as an attractive place for business.’
Crown Estate Scotland were represented by Cushman & Wakefield and Project Heather by JLL in this transaction.
Project Heather recently confirmed the support of Scottish Enterprise via a Regional Selective Assistance grant, following a successful fundraising coordinated via AAB advisers. The company is partnering with Euronext, Euro CCP and Euroclear to provide the market infrastructure for the proposed Exchange, which, subject to regulatory approval from the UK’s Financial Conduct Authority, is targeting a launch in the second half of 2019.
Enquiries
Project Heather: Martha Walsh, martha.walsh@projectheather.scot, 07876 245 962
Crown Estate Scotland: John Lang, john.lang@crownestatescotland.com, 07741 801225
JLL: Cameron Stott, Cameron.Stott@eu.jll.com, 0131 301 6715 / 07785 907096
Cushman & Wakefield: Christine Ferguson, Loop Communications, christinef@prbyloop.com, 0141 319 8164 / 07989 439364
About Project Heather
Project Heather is building a Scottish Stock Exchange: an exchange shaped for the 21st century, adding ‘impact’ to the traditional capital markets model of ‘risk and reward’.
Scottish based, yet global facing, it will act as a bridge between values-aligned investors and companies.
The Scottish Stock Exchange will be the first Recognised Investment Exchange worldwide for which companies have to measure their positive social and/or environmental impact before listing, and an annually updated impact report publicly available on their website.
Through a recently agreed technological and strategic partnership with Euronext, the Scottish Stock Exchange is setting out to bring access, visibility and liquidity to businesses — building on a Scottish tradition of entrepreneurship, ingenuity in raising capital and as a hub for renewables, sustainability and social enterprise.
Subject to approval from Europe’s Financial Conduct Authority (FCA), the Exchange hopes to launch in the second half of 2019.
About Crown Estate Scotland
Crown Estate Scotland manages land and property on behalf of Scottish Ministers. Our core purpose is investing in property, natural resources and people to generate lasting value for Scotland. This includes helping ensure that families, businesses and communities can live, work and thrive on the assets. All revenue profit is paid to Scottish Government for public spending. More information is at www.crownestatescotland.com.
Notes:
https://nationalperformance.gov.scot/sustainable-development-goals
