NEWS ARCHIVE

TARGETFOLLOW CONTINUES EXPANSION OF UK COMMERCIAL PROPERTY PORTFOLIO | 21/09/07

Targetfollow, the property group which owns Centre Point in London and Baskerville House in Birmingham continues to expand its UK commercial property portfolio with the acquisition of 3 - 5 & 7 - 11 Melville Street in Edinburgh’s prime West End.

The deal covers five category A listed townhouses on the northside of Melville Street, bounded by Queensferry Street and Melville Crescent / Walker Street. With quality office space at a premium in Edinburgh city centre the properties will be a welcome addition to a buoyant market.

3 - 11 Melville Street was substantially redeveloped in the mid 1990s to provide a mixture of open plan and traditional office space over the lower ground, ground and three upper floors.

In total, the properties offer 1,742.3m² (18,756 ft²) of office space, along with 12 car parking spaces.

An extensive refurbishment is planned to accommodate both conventional and serviced office tenants.

Targetspace, the serviced office company owned by Targetfollow will run the serviced offices and continue with their strategy of offering premium serviced office space in prestigious buildings and locations. Melville Street will be Targetspace’s first Scottish venture.
Targetspace currently has four centres including Centre Point and 70 St Mary Axe in London’s west end and city respectively and Baskerville House on Broad Street, Birmingham.

Targetfollow’s Director of Banking, Joint Ventures and Fund Management, John McClymont recently joined Targetfollow from the Bank of Scotland and brings 30 years banking experience and will take an office in the building.

Ian Fox, Targetfollow’s Executive Director of Property, said: “We are delighted to announce the addition of the Melville Street properties to our UK portfolio. In keeping with our existing portfolio this is a highly desired city centre business address situated next to George Street and Charlotte Square and represents strong growth potential. In this core professional area there is a real lack of prime grade A office accommodation. The Targetspace model has

proved very successful; providing quality space on flexible terms with unparalleled IT and telecoms support and we look forward to offering this at Melville Street in Edinburgh.”

Notes to Editors
Targetfollow is a leading commercial property investment and development company specialising in major opportunities in city centres. The company’s development and investment portfolio has a value of £3 billion.
In 2006 it began expanding its portfolio to include European commercial property acquiring two commercial projects in the Paris suburb of Montreuil and Toulon, South of France.

The move into Europe continued in May 2007 when the company acquired six mixed-use commercial and logistics space properties outside Cologne, Germany.