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, globally focused 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.
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.”
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.