JSE-listed and Luxembourg Stock Exchange listed company, MAS announced today that it has, through a wholly-owned subsidiary, New Waverley 20 Limited, entered into an agreement for lease with the UK government for the office component of the New Waverley development in Edinburgh, Scotland.
The lease, along with a UK government guarantee, is for a term of 25 years, commencing upon practical completion of the development, with a Tenant break at year 20. The Agreement includes options to the Tenant to extend the lease for up to a further 10 years. The 189,111 sq ft development is expected to complete in June 2019.
In addition, the Tenant has an option to lease a further 30,000 sq ft of office space, exercisable within 2 years, on the same terms as those contained in the Agreement.
This significant pre-letting continues the momentum of New Waverley’s final development phase which will see high quality office space and apartments blend with restaurants, cafes and shops around a new public square. The site seamlessly links Waverley Station with the Edinburgh’s Royal Mile, forming part of the Edinburgh old town’s UNESCO World Heritage site. During the last 2 years, New Waverley has delivered 400 hotel rooms, including two Whitbread hotels – a Premier Inn and a Hub by Premier Inn – as well as an Adagio Aparthotel overlooking the Royal Mile together with 21 retail units.
This announcement is voluntary and for information purposes only.
MAS is listed on the Main Board of the JSE and on the Euro MTF market of the Luxembourg Stock Exchange.