MAS REAL ESTATE
UK government signs Waverley lease
Lease, which comes with a government guarantee, is for 25 years from June 2019
JSE-and Luxembourg-listed MAS Real Estate has leased the office component of its New Waverley development in Edinburgh, Scotland, to the British government in a deal through its subsidiary New Waverley 20. The lease, which comes with a government guarantee, is for 25 years from June 2019, when the 17,569m² development is expected be completed. The agreement included options for the tenant to extend the lease for up to 10 years. The government said HM Revenue & Customs would be the main tenant. The New Waverley site links Waverley Station with Edinburgh’s Royal Mile, forming part of the Edinburgh old town’s Unesco World Heritage site. Over the past two years, New Waverley has delivered 400 hotel rooms — including two Whitbread hotels, a Premier Inn and an Adagio Aparthotel — and 21 retail units.
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