The new Scottish Stock Exchange has signed a four-year lease to have its headquarters in one of Edinburgh's most prestigious streets.
Project Heather - the team setting up Scotland's first exchange for 46 years - will occupy 7,800 sq ft of office space over two floors at 39 George Street.
It is described the office leased from Crown Estate Scotland as 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".
The exchange is due to launch this year, subject to regulatory approval from the UK Financial Conduct Authority.
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.”
Scotland last had its own stock exchange between 1964 and 1973, when it merged with the London Stock Exchange.
Project Heather has a seven-figure equity sum from unnamed investors and received a £750,000 Regional Selective Assistance grant from Scottish Enterprise, which will allow it to create 45 jobs in Edinburgh, Glasgow and Aberdeen. Project Heather says senior appointments are due to be announced.
JLL advised Project Heather and Cushman & Wakefield advised Crown Estate Scotland on the lease deal.
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.”
