Royal BAM : First occupier secured for Edinburgh’s Capital Square

[Attachment]

Edinburgh, 5 September 2018 - BAM Properties, in partnership with Hermes Investment Management, the £35.3 billion manager, has secured the first occupier at Capital Square - Edinburgh's largest speculative office development, located within the Exchange business district.

Brodies LLP, Scotland's largest law firm, is set to let the top three floors of the eight storey development. Extending to a total of 43,174 sq ft, the accommodation provides state of the art Grade A offices with spectacular views of Edinburgh Castle and the surrounding city.

Designed by architects Hurd Rolland, the building is situated between Morrison Street and Lothian Road and features a glazed curtain-walling façade, double-height reception with a courtyard entrance, all set within south-facing landscaped gardens.

BAM Construction has been appointed to build the eight floor premier office development. Work is well underway and is scheduled for completion in May 2020. A further 79,033 sq ft remains available for let.

Dougie Peters, Managing Director, BAM Properties, said: 'We were confident the market was right for a speculative investment of this scale and are delighted to welcome Brodies as our first occupier at Capital Square. There is an element of history repeating itself as Brodies was also our first occupier in our previous development at 110 Queen Street, Glasgow. Much has been documented about the lack of available Grade A space in Edinburgh and Capital Square will go some way to address the pent up demand for high calibre office space in prime locations which helps occupiers attract and retain the best talent. It was important to Brodies that the building afforded the best in modern working practices and provided a great place for staff to work and clients to meet.'

Hermes Investment Management, working in conjunction with Parlison Properties, secured planning permission for the scheme in 2015 and Parlison Properties is continuing as development consultant for the project.

Ian Cody, Director - Asset Management at Hermes Investment Management, added: 'As Scotland's largest law firm, Brodies is exactly the type of occupier we were targeting for Capital Square, which is testament to BAM Properties' work so far in positioning the property. This would also not have been possible without the assistance of our fellow landowner and partner, The City of Edinburgh Council. Brodies will no doubt take full advantage of the development's strategic location in the heart of Edinburgh as well as the high quality facilities, which will create a prime working environment, and benefit from the building's excellent sustainability credentials. We look forward to welcoming them at the building once it is complete.'

Capital Square will feature a BREEAM 'Excellent' rating and an EPC 'A' rating on completion. Additional building features include concierge level front of house service, 24 hour manned security, shower and locker facilities for cyclists and runners and an extensive suite of additional tenant services.

Nick Scott, Managing Partner of Brodies, commented: 'Ensuring that we can continue to provide our clients with the environment, as well as the quality of service, that they have grown to expect from our firm is fundamental. Our investment in these new premises underpins that. Moving to Capital Square will allow us to continue to build on those things that our clients value, including our extensive seminar programme. This new building will be a great place for clients to meet and work with our colleagues, and for us to host client events. It is also essential that our colleagues benefit from a working environment that affords them the very best in modern working practices, consistent with the new offices we have secured in Aberdeen and Glasgow in recent years. The move will also echo the commitments we have made to sustainability in those locations. Moving to Capital Square will enable us to work more collaboratively with colleagues and clients alike, as well as providing premises that will support our future strategic plans.'

CBRE and Montagu Evans represented BAM Properties and Hermes Investment Management.

Further information: BAM Properties, Sharon McEwan, Loop Communications, [e-mail];

About BAM Properties

BAM Properties is known for commercial developments that create value for investors. Our high quality, sustainable developments also bring benefits to the businesses and people who work in them.

BAM Properties is the property development arm of BAM Construct UK a construction and property services company that undertakes design, construction, facilities management and public private partnerships. BAM is currently developing circa 300,000 sq ft of Grade A offices at Atlantic Square in Glasgow in partnership with Taylor Clark Developments Limited, part of which forms the HMRC Hub for the West of Scotland. Previous significant developments in Scotland include the successful speculatively built development, CONNECT110NS in Queen Street, Glasgow and Nike's flagship store on Buchanan Street, Glasgow.

BAM Properties has developed more than three million sq ft of commercial and retail space over the past 25 years. We are part of Royal BAM Group a European construction and property services enterprise that is listed on Euronext Amsterdam. Further information: www.bam.co.uk

About Hermes Investment Management

Hermes Investment Management, a Federated Investors company, provides world-class active investment management and stewardship services. Hermes, headquartered in London, manages £35.3 billion in assets and offers a broad range of specialist, high-conviction investment strategies spanning listed equities, credit, real estate, infrastructure, private debt and private equity. Hermes' strategies focus not just on financial results, but also on delivering outcomes beyond performance: holistic returns that consider impacts to society, the environment and the wider world. In Hermes EOS, the company offers one of the industry's leading engagement resources, representing £346.3 billion of assets*. For more information, visit www.hermes-investment.com.

*Source: Hermes AUM as at 30 June 2018 with the exception of two portfolios totalling US$3.7m/£2.6m/€3.0m valued as at 31 May 2018. Hermes AUA as at 30 June 2018.

Brodies

Brodies LLP is Scotland's largest law firm, delivering legal services of the highest quality to Scottish, UK and global organisations. With offices in Edinburgh, Glasgow, Aberdeen and Brussels, the firm offers legal advice to private and public sector clients both in the UK and internationally in its core business areas of corporate and commercial; energy (both renewables and oil & gas); property; litigation; banking and financial services; employment, pensions and benefits and trust and tax. Brodies has more practice areas (40) and leading individuals (69) ranked top tier in the independent legal directories than any other firm in Scotland. The achievements of Brodies and its partners have been recognised with numerous independent awards in recent years. These include Brodies being named Legal 500 Scotland Regional Firm of the Year 2018, Scotland Law Firm of the Year at the Who's Who Legal Awards 2017, UK National/Regional Law Firm of the Year at the Legal Business Awards 2017, Legal Advisor of the Year at the Business Insider Deals and Dealmakers Awards 2017, UK Regional Law Firm of the Year at the Lawyer Awards 2016, and UK Law Firm of the Year at the British Legal Awards 2014.