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Scotland Investment Opportunities

great.gov.uk | Scotland Investment Opportunities2

Magenta Smart Bridge, Clyde Gateway

great.gov.uk | Scotland Investment Opportunities

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Foreword I am delighted to introduce this frst The UK is a place where businesses investment portfolio for Scotland. It prosper and where capital investment showcases the breadth of opportunities makes strong and safe returns. For the that Scotland has to offer and projects ffth year in a row, Scotland was the that are ready for investment. second most attractive destination after

London for inward investment projects.1 Right across the UK we have a host of exciting investment opportunities in We are presenting an impressive range large scale property and regeneration, of projects from across Scotland, infrastructure and energy projects. representing a variety of sectors Portfolios highlighting our offer in and opportunities including grade other regions have been enormously A commercial offces, city centre successful in the international investment developments and regeneration projects. community, attracting interest from across the globe. Supported by world-leading universities, a skilled workforce and a history of innovation, we are confdent that the projects in the new Scottish portfolio will be similarly welcomed.

International investment already plays an important role in Scotland supporting innovation and higher productivity in sectors such as technology, energy and business services; sectors where Scotland is internationally competitive and where there is global demand. The UK government’s Industrial Strategy ensures that all parts of the UK are part of the vision for growth and investment.

In addition, the UK government is supporting the development of the Scottish economy through its contribution to the Scottish City deals, with over £1 billion of investment into Scotland’s key cities and regions creating the world class infrastructure that enables business to grow and development opportunities to fourish. We are also investing in Smart City projects, including £24 million in Glasgow.

We invite you to be part of this success.

The Rt Hon Dr Liam Fox MP Secretary of State for International Trade and President of the Board of Trade

1 EY’s Attractiveness Survey, Scotland, May 2017

The Cloisters, University of Glasgow


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Contents

DIT’s Capital Investment Directorate

Welcome to the opportunity

Economic data

Scottish Business Environment

14 Cities

Investment opportunities

A supportive investment environment

20 Good Reasons to Invest in Scotland

22 Capital Investment success to date

25 Five reasons to invest in Scotland


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DIT’s Capital Investment Directorate The Department for International Trade helps businesses export, drives investment, opens up markets and champions free trade.

We are an international economic department, responsible for:

• Bringing together policy, promotion and fnancial expertise to break down barriers to trade and investment, and help businesses succeed;

• Delivering a new trade policy framework for the UK as we leave the EU;

• Promoting British trade and investment across the world; and

• Building the global appetite for British goods and services.

The UK is a leading global destination for investment into property and infrastructure development and high growth frms.

The UK is committed to reinforcing this position and DIT’s Capital Investment team leads on this agenda.

We have a strong track record having attracted billions of pounds of foreign investment. We work closely with commercial and governmental organisations across the country to understand their priorities and how investable their offer is.

We promote opportunities across the UK, often contextualised in the qualities of places and regions. Demonstrating wider economic strengths underpins confdence

in specifc investment opportunities and generates interest in places with compelling offers that international investors may be

less familiar with. Matching investor priorities with the characteristics of places and projects aids the development of valuable longer term partnerships between investors, local institutions and businesses.

We also work with investors who have already identifed investment opportunities to help navigate their journey, speeding investment and encouraging repeat business in the UK. Building these relationships offers opportunities to highlight the UK’s geographically and sectorally diverse range of opportunities to organisations that have successfully invested here.

We realise the value government can add to the investment process, using its global network of international offces to manage relationships with investors, large corporates, high net worth individuals and families, private sector agents and other governments.

DIT’s Capital Investment Directorate acts as a one stop shop to align investors with a credible project pipeline, helping them understand the returns. We can introduce interested international parties to UK companies with a wealth of sectoral expertise or blue-chip domestic investors interested in co-funding models.


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We work in the felds of

Large capital projects in property 1 development and infrastructure.

2 Attracting growth capital into high potential businesses, for example in the technology sectors.

3 Venture Capital, working to direct investment into high potential start-up companies.

4 Assisting entrepreneurs to move to places where they can beneft from the business networks and suitable economic environments.

We are able to offer expert advice, utilising a range of specialists in property development and fnance, project fnance, energy, transport, regulated assets, venture capital and entrepreneurship.

Our network of UK specialists includes representation in Scotland, ensuring expert local insight into projects, local government and businesses can be quickly and reliably provided.

DIT works closely with the Scottish Government, Scottish Enterprise, Scottish Development International, and the Scottish Cities Alliance to ensure a joined up collaborative approach to supporting capital investment into Scotland.

For further details or to arrange a meeting to discuss potential, please email: [email protected]

City Hall, Belfast

Scottish Parliament, Edinburgh


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Welcome to the opportunity Scotland – an innovative and dynamic place to invest Scotland has a strong investment offer. It has a stable and growing economy, thriving cities and outstanding talent. When combined with world class universities and leading edge innovation Scotland’s attractions to international investors are clear.

ICE, Glasgow


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The Opportunity

The international market has been investing in Scotland for many years.2 The Scottish economy has strengths in research & development, manufacturing, and fnancial services, underpinned by innovation and high levels of employee retention.

Scotland is connected. Direct fights go to more than 150 destinations worldwide and integrate with excellent road and rail links. By the end of 2018, 98% of homes and business will have access to superfast broadband.3 The Scottish public sector works together to provide a ‘Team Scotland’ approach ensuring a streamlined experience for investors.

In summary: Scotland is the most attractive region in the UK for inward investment after London.4

Five of Scotland’s universities are ranked in the top one per cent of the world’s universities.5

Scotland attracted more R&D projects than any other UK region in 2016 (including London).6

In Scotland 50 per cent of young people participated in higher education, whether at universities or further education colleges.7

Glasgow, Edinburgh and Aberdeen are all among the top ten cities in the UK for attracting international investment.8

2 Annual E&Y Attractiveness Surveys 3 Reaching 100% Superfast Broadband for All, Scottish Government December 2017 4 E&Y Attractiveness Survey, 2017 5 Universities Scotland, https://www.universities-scotland.ac.uk/scotlands-universities/#things-1 6 Scottish Enterprise https://www.sdi.co.uk/invest, 7 Universities Scotland, https://www.universities-scotland.ac.uk/publications/wprking-to-widen-access 8 E&Y Attractiveness survey 2016

https://www.universitieshttps://www.sdi.co.uk/investhttps://www.universities-scotland.ac.uk/scotlands


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Economic data

Population 5.4 million

80,000 Land area

square km

GDP (2016) £149 billion

Total onshore GDP growth + 0.3%

km2


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GDP per capita (2016) £27,509

Average weekly wage (2017) £548 full time

Unemployment rate (October 2017) 4.0%

The construction sector in Scotland employs c.220,000 people and contributes 9% to UK construction output.9

9 https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/number182017edition

https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/number182017edition


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Scottish Business Environment The Scottish economy has particular strength in a number of sectors which offer great potential for further growth.

Aerospace and space In the last two years, Glasgow has built more satellites than

any other city in Europe.10 The Advanced Forming Research Centre (AFRC) is a globally-recognised centre of excellence in innovative manufacturing technologies, including metal forming and forging research.

Chemical sciences Exports of chemicals from Scotland averaged £4 billion

over the last fve years.11 World-leading chemical companies have Scottish operations, including FujiFilm, DSM, GlaxoSmithKline, DuPont Teijin Films, DOW and Syngenta, attracted by the talented workforce and world-class research & development capabilities.

Creative industries Creative industries contributed £4.6 billion to the Scottish

economy and employed 117,000 people in 2015.12 The digital media sector is at the forefront of innovation in applications, music, TV, publishing and games.

Financial services Scotland is one of the

most important European fnancial centres outside London, ranking as the UK’s best performing destination for inward investment after London for the last fve years.13

10 Scottish Development International https://www.sdi.co.uk/invest/sectors/adm 11 Scottish Development International https://www.sdi.co.uk/ invest/sectors/chemical-sciences 12 Scottish Development International https://www.sdi.co.uk/invest/sectors/creative-industries 13 E&Y Attractiveness Survey, 2017

https://www.sdi.co.uk/invest/sectors/creative-industrieshttps://www.sdi.co.ukhttps://www.sdi.co.uk/invest/sectors/admhttps://years.13https://years.11https://Europe.10


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Global business services

Scotland has a strong track record of Global Business Services investment. There are more than 500 contact centres and global business services companies, including facilities of some of the largest European companies. Recent investors include Concentrix, Cigna, Ceridian, Teleperformance and Sykes.14

Life sciences and biotechnology Over 600 life sciences

organisations employ more than 30,000 people, making Scotland one of the largest life sciences clusters in Europe.15 This thriving biotechnology cluster includes Edinburgh BioQuarter and Queen Elizabeth University Hospital in Glasgow, plus innovation centres covering stratifed medicine, sensors and digital health.

The Queen Elizabeth University Hospital is the largest acute hospital in Western Europe and includes the Imaging Centre of Excellence (ICE) with the UK’s frst ultra-high feld 7 Tesla (7T) MRI scanner. ICE is supported by the UK government and the Medical Research Council (MRC) as part of the Glasgow City Region City Deal, the UK Research Partnership Investment Fund (UKRPIF), ERDF and Dr Mortimer and Theresa Sackler Foundation.

Oil and gas Scotland accounts for 1% of

total global oil production, has world class sub-sea engineering and a strong oil and gas sector. Scotland’s oil and gas industry is respected throughout the world, with a global reputation for excellence.16

Renewables 25% of Europe’s offshore wind and tidal resource is

in Scotland, making it Europe’s leading renewable energy hub. In 2017 Scotland had 8.1GW renewable capacity and 14.2GW project pipeline. MeyGen, the world’s frst large scale tidal array and Hywind – the world’s frst foating wind farm – are both located in Scottish waters. There are tens of billions of pounds worth of future opportunities and Scottish industry’s ambitions have government support.

Technology and engineering Digital technologies are

growing rapidly in Scotland.17 The industry contributes more than £4 billion per annum to the Scottish economy and leading companies include Skyscanner, FanDuel, and Rockstar North.

14 Scottish Development International https://www.sdi.co.uk/invest/sectors/bpo 15 Scottish Development International https://www.sdi.co.uk/invest/ sectors/life-sciences 16 Scottish Development International https://www.sdi.co.uk/invest/sectors/oil-and-gas 17 Scottish Development International https://www.sdi.co.uk/invest/sectors/oil-and-gas 18 Scottish Development International https://www.sdi.co.uk/invest/sectors/technology

https://www.sdi.co.uk/invest/sectors/technologyhttps://www.sdi.co.uk/invest/sectors/oil-and-gashttps://www.sdi.co.uk/invest/sectors/oil-and-gashttps://www.sdi.co.uk/investhttps://www.sdi.co.uk/invest/sectors/bpohttps://Scotland.17https://excellence.16https://Europe.15https://Sykes.14


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Property & infrastructure strategic market

Scotland’s property market is strong, evidenced in 2017 with high occupancy rates and rising prime rents (over £320 per square metre in Aberdeen, Edinburgh & Glasgow18).

The Edinburgh St James complex is one of the UK’s largest regeneration projects seeing some £850 million of investment in the heart of a world heritage site, with investment from Dutch pension fund APG and TH Real Estate.

Infrastructure development is supported by the National Planning Framework for Scotland19 with ambitious proposals establishing demand for projects. The Framework specifcally recognises the importance of airports designating Glasgow, Edinburgh, Aberdeen, Inverness and Prestwick as ‘National Developments’ as well as supporting the development of ports and freight infrastructure. These offer a range of investment opportunities.

Improved digital connectivity is supported as a national development and permitted development rights have been extended to support the necessary digital infrastructure. 4G coverage is expanding rapidly and the cities of Aberdeen, Edinburgh, Glasgow and Stirling are all installing gigabit infrastructure.

Since 2007: More than £20 billion has been invested in transport infrastructure and services in Scotland.

25 major improvements projects have been constructed, included the M8, M73 and M74 and the newly opened Queensferry Crossing.

Over £7.6 billion has been invested in the Scotland Rail network since 2007.

18 Ryden Scottish Property Review April 2017 19 http://www.gov.scot/Topics/ Built-Environment/planning/National-Planning-Framework

http://www.gov.scot/Topics

great.gov.uk | Scotland Investment Opportunities 13

Glasgow Airpot

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Cities

01 Aberdeen A global energy hub, Aberdeen continues to develop its international presence in oil and gas exploration as well as actively diversifying its economic base. A City Deal of £125 million from the UK and Scottish Governments has been agreed that will deliver innovation, digital connectivity and infrastructure.

02 Dundee Dundee is Scotland s fourth largest city, a UNESCO City of Design, and home to the V&A Museum of Design. It is actively developing its cultural offer, building on its reputation in digital and life sciences. Dundee was ranked as one of the winners of the Financial Times fDi Magazine s European Cities and Regions of the future 2016/17. Dundee is a young city with 51% of the population under the age of forty.

03 Edinburgh The capital of Scotland has a strong tourism sector as well as a developing global reputation in new sector activities such as data management, fntech and emerging technologies. Edinburgh is home to more FTSE 100 companies than any other UK city outside London.20 It has the second largest fnancial sector outside London and the fourth largest in Europe.21 A £300 million City Deal from the UK and Scottish Governments has recently been agreed to support innovation, infrastructure, and housing investment.

04 Glasgow Glasgow is one of the fastest growing cities in the UK. It is Scotland s largest city with a population of 600,000. Glasgow contributes £19.62bn GVA to the Scottish economy annually, and is the cultural, sporting and academic heart of Scotland. The Glasgow City Region Deal created a £1.13bn infrastructure fund levering an estimated £3.3bn of private sector investment.

https://Europe.21https://London.20

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05 Inverness Inverness is the fastest growing city in Scotland with

a 15% growth in population since 2001.22 There are several developments underway which are bringing new

opportunities such as the £100 million Inverness Campus and the Inverness Airport Business Park. The City Deal

with funding from Scottish and UK Governments sets out ambitions to unlock £1 billion of investment in skills and

infrastructure for the city and wider region. Inverness has some of Scotland s most beautiful scenery, with the

Cairngorms National Park on its doorstep and world renowned golf courses including Castle Stuart Golf Links,

host of the 2016 Scottish Open.

06 Perth Perth is a dynamic, small European city with projected

population growth of 25% by 2030. The city is home to the largest campus of the University of the Highlands &

Islands and several corporate headquarters, including energy giant SSE, Aviva, Stagecoach and Highland

Spring. Businesses here enjoy an excellent business environment in a beautiful setting along with unrivalled

quality of life and good transport links to the rest of the UK and beyond.

07 Stirling Situated in an historic location in the heart of Scotland,

Stirling offers a high quality business location, demonstrated by the presence of major businesses

including Capita, Prudential, HSBC, IFDS, Iberico, Maxxium UK and Graham s Dairy. With a mix of rural

and urban areas, Stirling offers an exceptional quality of life in the UK s most affordable city,24 making it a highly

desirable location for both employers and employees.

20, 21 Scottish Development International https://www.sdi.co.uk/invest/sectors/fnacial service 22, 23 Scottish Cities Alliance Pitch Book https://www.scottishcities.org.uk/pitchbook

https://www.scottishcities.org.uk/pitchbookhttps://www.sdi.co.uk/invest/sectors/finacial

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Investment opportunities Scotland has strong links to global markets which, combined with the wide range of large scale, high quality, investor ready opportunities, make it a compelling location for investment. Scotland offers a supportive business environment for development including a competitive construction sector; it is the second least expensive location in the UK to build commercial property.

George Street Complex, Glasgow

24 Rydens Scottish Property Review, 2017 25 CBRE, Scotland Annual review 2017 26, 27, 28 The Build to Rent Opportunity in Scotland, Report for the Scottish Government by Homes for Scotland 29 PWC 2016/17 Hotels forecast 30 http://www.investinedinburgh.com/media/603780/edinburgh by numbers 2017.pdf 31 Pollstar, 2015 32 QS World University Rankings https://topuniversities.com/university-rankings/university-subject rankings/2017/ performing arts 33, 34, 35 Rydens Scottish Property Review, April 2017 36 Rydens Property Review, October 2017

https://topuniversities.com/university-rankings/university-subjecthttp://www.investinedinburgh.com/media/603780/edinburgh


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Offce market Demand continues to grow for grade A offces in Scotland’s main cities with supply constraints resulting in strong rental performance. There is an improving occupier market but tight supply of prime stock, resulting in increased investor demand.24 In the offce investment market, Glasgow city centre experienced a record year in 2017 with over £460 million transacted. There is also evidence of a strong offce investment market in Edinburgh and Aberdeen.25

Glasgow is the third largest offce market in the UK, and Central Glasgow has one of the largest retail centres outside London.

Residential The private rented sector (PRS) has doubled in size over the last 15 years in Scotland, highlighting signifcant changes in demographic behaviours. This trend is set to continue and the PRS sector is expected to grow to 19% by 2020.26

Looking forward, with the fundamentals of strong demand and constrained supply and limited pipeline, rental values are expected

to grow between 2% and 4% per annum across Scotland.27 Private Rented Sector and student accommodation are signifcant drivers of development, either in stand-alone residential/student schemes or as part of mixed use developments. Get Living, the multi-award winning pioneer in the UK’s build to rent sector, plans to create a residential-led neighbourhood on Glasgow’s High Street including over 600 build to rent homes. Glasgow will be Get Living’s frst city location outside London, where they rent more than 1,800 homes.28

Tourism, leisure and culture Scotland’s cities and their hinterlands are full of attractions for visitors from overseas and within the UK. Edinburgh has one of the highest hotel occupancy rates in Europe29 and is the second most visited tourist destination in the UK after London.30

Glasgow’s SSE Hydro entertainment venue is the third busiest in the world relative to its size31

while the Royal Conservatoire of Scotland in Glasgow is the third best performing arts institute in the world.32

There are clear market reasons to consider Scotland as a location for property investment.

The supply of Grade A offce space across Scotland’s two largest cities is at a 1 low level, with strong demand for good quality accommodation.33 The investment market for well-let standing stock remains buoyant. In 2016 2 and 2017 over half of total investment volumes came from beyond the UK.34 There is continued public sector investment in infrastructure and support 3 measures to support capital investment in large scale projects. Scotland’s industrial market is attracting increasing interest due to a lack of 4 available modern product and evidence of strong rental growth.35

5 Prime offce yields remain relatively stable at 5.25 – 5.5% in Edinburgh and Glasgow. 36

https://growth.35https://accommodation.33https://world.32https://London.30https://homes.28https://Scotland.27https://Aberdeen.25https://demand.24


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A supportive investment environment Policy support to promote investment

Scotland’s public sector is committed to providing robust infrastructure for investment, together with world leading low carbon and smart cities initiatives. The Scottish Government is actively promoting a business environment that encourages growth, investment and innovation.

The Scottish Government Infrastructure Investment Plan37 provides a strategic framework for investment, promoting assurance and confdence to investors. The public sector operates as “Team Scotland” ensuring a joined up and effcient approach.

It has introduced a number of investor-friendly fnancial policies:

Over £1 billion has been invested to bring forward new infrastructure projects by UK and Scottish governments into Scottish City Deals.38

New build commercial properties do not pay rates until occupied for the frst time and new tenants beneft from a one year ‘holiday’ from rates payments.39

The Rental Income Guarantee Scheme40 has been established to assist the private rented sector in Scotland.

Land and Building Transaction Tax41 will help to stimulate the property market in Scotland.

The Scottish planning system has recently been reviewed,42 creating a quicker, simpler, more accessible planning process. New measures ensure43 that planning supports development by unlocking sites and strengthening the delivery of infrastructure.

The Scottish Government’s Chief Planner’s team can offer support during consideration of applications for signifcant investment projects through a brokerage role.

https://payments.39https://Deals.38

great.gov.uk | Scotland Investment Opportunities 19

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Scotland’s public sector is committed to providing robust infrastructure for future investment, together with world leading

low carbon and smart cities initiatives. The Scottish Government is actively promoting a business environment which encourages

growth, investment and innovation.

The River Clyde, Glasgow

37 Scottish Government, https://www.gov.scot/Resource/0049/00491180.pdfhttp://www.gov.scot/Topics/Government/Finance/18232/ IIP/IIP2015MajorCapitalProjectsProgressMarch2017 38 http://www.gov.scot/Publications/2016/03/3178 39 http://www.gov.scot/Topics/ Government/local-government/17999/11199/BarclayReview16 17 40 http://www.gov.scot/Publications/2016/02/2612 41 https://www.revenue. scot/land-buildings transaction tax 42 https://beta.gov.scot/policies/planning architecture/reforming planning system/ 43 http://www. parliament.scot/parliamentarybusiness/Bills/106768.aspx

http://wwwhttps://beta.gov.scot/policies/planninghttps://www.revenuehttp://www.gov.scot/Publications/2016/02/2612http://www.gov.scot/Topicshttp://www.gov.scot/Publications/2016/03/3178https://www.gov.scot/Resource/0049/00491180.pdfhttp://www.gov.scot/Topics/Government/Finance/18232


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Good Reasons to Invest in Scotland

Skills and talent Scotland has a well-educated, highly skilled and adaptable workforce and is home to fve higher education institutes ranking in the global top 200. Investors have access to world class research and high quality graduates from the highest concentration of universities in Europe.44

Innovation Scotland has a long-standing reputation for innovation and engineering excellence - the television, penicillin and radar were all invented in Scotland. Scotland’s Innovation Centres support collaboration between universities and businesses and help companies commercialise their research, with more spin-outs from universities than anywhere else in the UK.45

Edinburgh, Scotland

44 Universities Scotland, https://www.universities-scotland.ac.uk/scotlands-universities/ 45 Scottish Funding Council http://www.sfc.ac.uk/ innovation-centres/innovation-centres.aspx

http://www.sfc.ac.ukhttps://www.universities-scotland.ac.uk/scotlands-universitieshttps://Europe.44


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Connectivity Scotland is well connected. You can travel direct to over 150 destinations worldwide and there are more than 100 fights daily between Scotland and London. Many key European cities are only two hours from Scotland.

Attractive tax and costs for business Scotland offers businesses a location with one of the lowest tax rates in Europe, where corporation tax will fall from 19% to 17% in 2020. Set up and operating costs are low, with property and salary costs up to 40% lower than London.46

Quality of life Life is culturally rich in Scotland, commutes are short, schools are excellent and healthcare is free. Scotland’s history and landscape draw millions of tourists, and the coast, lochs and mountains mean endless possibilities for outdoor activities. Scotland’s cosmopolitan cities are full of life, culture and entertainment.

46 Scottish Development International https://www.sdi.co.uk/knowledge-hub/articles/insight/four-business-cost-savings-in-scotland-that-will-surprise-your-london-frm

https://www.sdi.co.uk/knowledge-hub/articles/insight/four-business-cost-savings-in-scotland-that-willhttps://London.46


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Capital Investment success to date During 2017, total investment spend in Scotland was £2,483 million, of which £952 million came from overseas investors.47 This included the 2017 sale of Hillington Park to a Singaporean real estate investor; the Capella Building in Glasgow purchased with investment from Asia; and Quartermile 2 in Edinburgh bought by Swiss fund UBS. 48

Over the last decade, Glasgow has attracted £5.3 billion and Aberdeen £2.67 billion of commercial property investment – the third and seventh highest level of investment respectively of any city in the UK outside London.49

Edinburgh is ranked as the fourth city globally relative to its size for investment intensity.50 This is testament to the signifcant collaboration across Scotland’s public, private and academic sectors to project a truly connected Scotland to international markets. One of Edinburgh’s highest profle offce buildings, Saltire Court, has recently been sold to a Saudi Arabian investor, further evidence of the continued attractiveness of Edinburgh to overseas investors. It was the largest multi-let offce transaction in Scotland of 2017.51

Capella Building, Glasgow

47, 48 CBRE Research Team, 2017 Scottish Property Review 49 https://www.cbre.co.uk/research-and reports 50 E&Y Scotland s Attractiveness Survey 2017 51 Cushman and Wakefeld, PERSPECTIVES, THE LATEST ON U K REAL ESTATE, ISSUE 04 | 2018

https://www.cbre.co.uk/research-andhttps://intensity.50https://London.49https://investors.47


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Investors in Scotland find:

A stable and well respected legal system.

A highly developed fnancial system.

High performing higher and further education institutions.

Investment incentives.

Excellent global and local connectivity.

Supportive investor-friendly policies.

A growing portfolio of large scale investment opportunities.

Long term experience of supporting international investment activity.

great.gov.uk | Scotland Investment Opportunities24

Union Street, Aberdeen


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Five reasons to invest in Scotland 1. Strong public sector support, including

fscal measures to encourage investment and a ‘One Scotland’ approach;

2. A breadth of investment opportunity across real estate, renewables and infrastructure providing opportunities to participate in Scotland’s development journey;

3. Exceptional connectivity to the rest of the UK and internationally;

4. World class universities and highly qualifed workforce; and knowledge;

5. Internationally renowned strengths in technology, innovation and fntech.

Scotland has a great deal to offer you. To fnd out more visit great.gov.uk

AMIDScotland

Advanced Manufacturing Innovation District Scotland

OpportunitySignificant investment and flexible development opportunities on a 52 hectare greenfield site including a Joint Venture partnership, development finance and operator investment. Investment sought to finance and deliver approx. 150,000 square metres of demand-led commercial floor space for a mixture of uses including advanced manufacturing, aviation services and life sciences.

Project Promoters:Renfrewshire Council and Scottish Enterprise

Scale:GDV c. £244 million -150,000 sq. metres of commercial floor space.

Sector: Advanced Manufacturing, Innovation

Location: Glasgow Airport, Scotland

Investment Type:Flexible investment opportunities including JV partner, development finance and operator investment

Planning Status:Full planning in place for enabling infrastructure.

An application for outline planning consent for future developments has been submitted.

paisley.is/amids

Overview

BackgroundAMID will create an internationally recognised centre for innovation, research and advanced manufacturing.

The advanced manufacturing sector has significant growth potential in Scotland and accounts for 52% of international exports and nearly £600 million of Scotland’s spend on business research and development. AMID is supported by significant public sector investment:

• £65 million towards the creation of a National Manufacturing Institute for Scotland (NMIS)

• £56 million Medicines Manufacturing Innovation Centre (MMIC)

• £39 million City Deal funding to provide enabling infrastructure

Gross Development Value (GDV) of £194 million to £244 million.

Project descriptionAMID is located 6 miles west of Glasgow, with unrivalled connectivity, adjacent to Glasgow International Airport and direct access to Scotland’s major motorway network. Located at the centre of Scotland’s largest labour catchment and adjacent to established manufacturing businesses such as Rolls Royce, Thermo Fisher, Peak Scientific, Terumo Aortic and Doosan Babcock. AMID will also build on the University of Strathclyde’s Advanced Forming Research Centre. This HVM Catapult Centre is being further enhanced with a £9 million investment in a Lightweight Manufacturing Centre and a £16.5m ‘FutureForge’ facility which will be the world’s most advanced hot forging research platform when it opens in 2020.

AMID will also be home to two new national innovation centres -the National Manufacturing Institute Scotland (NMIS) and a Medicines Manufacturing Innovation Centre (MMIC) which will be the catalyst for the development of Scotland’s advanced manufacturing and life sciences sectors,

providing support for businesses of all sizes and connecting all of Scotland’s engineering universities and colleges.

M80M8

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M90EdinburghGlasgow

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A9Dundee

Illustrative masterplan of c. 150,000m2 of floor space developed for a mix of uses with a focus on advanced manufacturing and including life sciences, research & development and aviation services (including MRO).

The site is ready for investment, phased from 2019 to 2021.

Project Promoter and Partnerships A partnership with Scottish Government, Scottish Enterprise and Renfrewshire Council. Potential investors will have an opportunity to have a role in this partnership.

Dumfries

Omagh Belfast

Londonderry

Sunderland

Carlisle

Newcastle

A96

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Aberdeen

Inverness

A9

Glasgow

www.renfrewshire.gov.uk/amids

Dundee Waterfront Opportunity Up to £500 million investment opportunities exist for development partners, joint venture and equity, plus operator investment in hotel, leisure and food / beverage. The scheme comprises hotels, residential apartments; grade A offce space and ground foor commercial uses anchored by the V&A Dundee and redeveloped Rail Station.

Project Promoter: Dundee City Council.

Scale: GDV £500 million.

Sector: Mixed use.

Location: Dundee Waterfront, Scotland.

Investment Type: Development partner, equity, joint venture, plus operator investors.

Programme: 2018 - 2025.

Planning Status: Full planning permission in place for Plot 2 and 6. Others agreed through the Waterfront Masterplan, Dundee Local Development Plan.

dundeewaterfront.com

https://dundeewaterfront.com

Overview Background

Dundee Waterfront is an exciting, government backed mixed use development opportunity. Dundee is UNESCO’s only UK City of Design. The V&A Dundee will be the only design museum in the UK (outside of London) and expects to attract visitor numbers in excess of 275,000 each year. The project includes ten development plots including the V&A Dundee, redeveloped Rail Station and boasts a major open space (Slessor Gardens) that can host large music events.

New hotel, commercial, leisure and residential development is required to support the expanding city. Therefore, new development plots have been created at the Waterfront. Infrastructure works to be completed in 2018. The Rail Station and V&A will open in 2018 and completion of Plot 2 and Plot 6 anticipated in 2019. Completion of other plots is anticipated by 2024. Funding and investment opportunities are available across all plots. The project is included within the £1 billion transformation of Dundee City Waterfront, which stretches alongside the River Tay.

©Google

Project Promoter and Partnerships

Dundee City Council is promoting this proposition in partnership with Ryden and other partners including Japanese architects Kengo Kuma & Associates who designed the V&A.

©V&A Museum, Dundee, Ross Fraser McLean

Edinburgh BioQuarterEdinburgh, Scotland

Opportunity

Exciting opportunity to participate as a development or investment partner in a world class bio and life sciences development. Occupier returns available from a range of commercial, academic and clinical facilities, with occupiers including industry leaders such as University of Edinburgh Medical School, MRC Centre for Regenerative Medicine and award-winning scientific research institutes.

Project Promoters: Scottish Enterprise, University of Edinburgh, NHS Lothian and City of Edinburgh Council.

Sectors:Life Sciences - commercial, clinical and academic life sciences

Location: Edinburgh, Scotland

Investment Type:JV Partner / Development Finance

Planning Status:Planning Permission in Principle (PPP)

edinburghbioquarter.com

http://edinburghbioquarter.com

Overview

BackgroundBioQuarter is a commercial, clinical and academic life sciences collaborative centre of excellence.

• Site includes The Royal Infirmary of Edinburgh and the Royal Hospital for Children & Young People

• Over £400 million of planned development

• The University of Edinburgh Medical School, in the world’s top 20, will move to the site

• The MRC Centre for Regenerative Medicine is the largest concentration of stem cell scientists in Europe

• Active collaboration with over half of the world’s top 20 pharmaceutical companies

• The University of Edinburgh’s new Centre for Tissue Repair will be home to 600 researchers, is currently on site and due for completion by 2020

• Leading destination for Translational medical research; advancing drug development by transforming basic scientific discoveries through clinical application into new medical treatments and products

• There is commitment to build a range of new institutes and laboratories to meet the needs of this growing sector

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Project DescriptionThe creation of a new 40 hectare urban quarter offering 300,000sq metres of accommodation for academic, commercial and healthcare activity.

Key features:

• co-locates 7,500 people including experts working in clinical research, academia, healthcare delivery and life science commercialisation

• Additional investment opportunity for District Energy Network and commercial space

• Opportunities to invest in company growth and commercialisation activity

• Further development will expand the commercial accommodation already on site with hotels, residential and multi-storey car parks

• Phase 1 is complete, Phases 2 to 4 to be developed over the next 10 to 20 years

Project Promoter and PartnershipsPartnership of Scottish Enterprise, University of Edinburgh, NHS Lothian and City of Edinburgh Council.

Edinburgh

Edinburgh InternationalBusiness Gateway

OpportunityThe Edinburgh International Business Gateway, (EIBG) offers mixed-use commercial-led opportunities seeking £110 million of co-investor, equity co-development and development funding. EIBG is a £700+ million commercial and residential property development on 90 hectares of land.

Project Promoter: Murray Estates Ltd

Scale:GDV £185 million.

Sector: Business/Commercial led Mixed Use including Residential.

Location: West of Edinburgh.

Investment Type:Investor, Equity co-development, development funder up to c. £110 million.

Planning Status: Planning in principle expected Q2 2019

internationalbusiness gateway-edinburgh.co.uk

https://edinburghbioquarter.com

Overview Background EIBG is a high profile development on a gateway site at the entrance to Edinburgh International Airport, Scotland’s busiest Airport. EIBG forms the important first phase of the broader International Business Gateway part of the Edinburgh’s strategic expansion to the west.

EIBG is a multi-phased development and Planning Permission has been submitted for phase one with opportunities in offices, hotels and residential along with ancillary restaurant, leisure and retail. The site benefits from a strategic and prominent position fronting the A8 and the entrance to the Airport.

A tram stop at the site creates excellent links to both Edinburgh Airport and the City Centre. The new £48 million Edinburgh Gateway rail station (which is on the main east coast line between Edinburgh and Aberdeen) is two stops away by tram and the site is well served by Scotland’s motorway and trunk road network.

Edinburgh is one of Europe’s most dynamic hotel investment markets and the largest hotel market in the UK outside London enjoying strong demand for hotel accommodation and showing consistent occupancy levels above 75% over the past 7 years and reaching 82.3% in 2016.

Occupier take up for Offices in Edinburgh during 2018 was the highest since 2001 with activity across a variety of sectors including tech, professional, financial and public sector. With vacancy rates at their lowest level for over 10 years, rents in the city are forecast to continue to grow.

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The EIBG phase one includes:

• 36210m2 GIA commercial/Offices• 1300m2 GIA retail• 52 houses & 154 apartments• 1020m2 GIA leisure• 2 Hotels, 525 beds 3-5 star

Promoter and PartnershipsA joint initiative between landowners New Ingliston Ltd, Murray Estates, Salmon Harvester and Frogmore. The project is promoted by Murray Estates, a Scottish based property development and investment company with a track record of delivering value to prime strategic projects across Scotland. The development is recognised in the Scottish National Planning Framework and is part of the Local Development Plan for the City of Edinburgh Council.

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Edinburgh

George Street Complex Glasgow

Opportunity The George Street Complex is ready for immediate investment. Investor involvement is fexible and could take various forms including traditional funding or equity investment. Opportunities from £10 million to £100 million are available.

Project Promoter: Chris Stewart Group.

Scale: GDV c. £100 million.

Sector: Mixed use.

Location: City centre, Glasgow, Scotland.

Investment Type: All investment proposals considered up to £100 million.

Programme: Start on site in 2018. Completion anticipated in 2020 (subject to phasing).

Planning Status: Full planning permission secured.

chrisstewartgroup.com

https://chrisstewartgroup.com

Overview Background

The George Street Complex is located directly to the north east of George Square and the City Chambers, moments from Queen Street Station and Buchanan Street. It is adjacent to the University of Strathclyde in walking distance of Glasgow’s CBD, the TIC (University of Strathclyde’s Technology and Innovation Centre) and all the retail and leisure amenities of Glasgow’s Merchant City.

The site includes two exceptional listed buildings boasting many signifcant details. Chris Stewart Group proposals include a mix of new build as well as the refurbishment of much of the listed fabric.

Project Description

This project represents an exciting opportunity to invest in a fully consented, truly mixed use scheme comprising a four star hotel, high quality student accommodation, fve star serviced apartments, grade A offce and commercial/retail/leisure uses.

Funding and investment opportunities are available for individual phases of the project, or the development in its entirety. There is a recognised gap in supply of high quality offce accommodation in Glasgow city centre and a strong market for the retail and leisure uses proposed. The serviced apartments planned for the development will address a current lack of visitor accommodation of this nature.

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Promoter and Partnerships

The project is being led by Chris Stewart Group, owner and developer of the site. The design team includes Hoskins Architects, Will Rudd Davidson (structural engineer), Axiom (project manager), Thomas & Adamson (cost consultants), with property/market advice being provided by JLL, Savills and GVA.

Chris Stewart Group has a track record in designing and developing award-winning projects and has completed more than 70,000m2 of development.

Magenta Clyde Gateway, Glasgow

Opportunity Scotland’s largest consented commercial development site benefts from long term government support with over £20 million public funding already invested to create an immediate opportunity for investment. £240 million opportunity for investor, equity. co-development, developer funder, and construction partners with additional investment available in the area.

Project Promoters: Clyde Gateway Developments Limited.

Scale: £280 million GDV.

Sector: International Offce Park; Grade A offce accommodation.

Location: Clyde Gateway, Glasgow.

Investment Type: £240 million investment – investor, equity, co-development, development funder, and construction partners.

Programme: 2017 - 2027: Development begun on site.

Planning Status: Planning permission in principle (PPP).

magentapark.co.uk

http:magentapark.co.uk

Overview

Project Description

Glasgow is facing an acute shortage of grade A offce accommodation, and vacancy rates are well below their 10 year average. Magenta at Clyde Gateway will be one of the UKs most extensive offce parks, extending to 27 acres on the banks of the River Clyde. The park sits within the urban fabric of the City of Glasgow alongside the newly re-located £22 million custom built Police Scotland Regional HQ helping to position this new district as an emerging part of the Glasgow business community.

The area is well served by a new rail station, upgraded national motorway network and is 15 minutes from Glasgow International Airport and offers a workforce of over 2 million within a one hour journey.

2014 Commonwealth Games Legacy investment in the local area has resulted in award winning public realm and new world class sports facilities at the Emirates Arena and Sir Chris Hoy Velodrome. Over £1.5 billion has been invested in the immediate area to date resulting in 63,000m2 of award winning business space and over 2,500 new homes.

Magenta benefts from planning consent for up to 111,500m2 of grade A offce accommodation. The frst phase of development has commenced on site with a 3,250m2 business incubator under construction and due for completion Spring 2018.

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The site will beneft from a district heating and cooling network served from local energy centre provided by third party at no risk to investors.

Incentives are available to occupiers, including Regional Selective Assistance plus a range of other local authority / public sector initiatives.

Promoter

Magenta is wholly owned by Clyde Gateway, a partnership between Glasgow City Council, South Lanarkshire Council, and Scottish Enterprise.

Highbridge Properties Plc is Development Partner to Clyde Gateway.

CBRE, Savills and Ryden have been appointed as advisors to the project.

Magenta has the support of Scottish Government and is part of the National Planning Framework (NPF3).

Perth West A National Eco Innovation Business Park & Sustainable City Expansion

Opportunity A strategic opportunity for a joint venture partner, debt or equity investment to bring forward a Scottish Eco Innovation Business Park. Capital expenditure is £50 million, GDV of over £100 million, peak borrowing of £20 million, covering capital and revenue projects in infrastructure distribution; commercial & residential property; and district heat and power network.

Project Promoter: Perth and Kinross Council.

Scale: GDV £100 million plus.

Sector: Mixed use.

Location: Perth, Scotland.

Investment Type: Debt and equity investment.

Programme: 2021 – 2035.

Planning Status: Planning consent programmed for 2019. Programmed in Local Development Plan.

investinperth.co.uk

https://investinperth.co.uk

Overview Background

Perth is a rapidly growing city with a population of 50,000 - projected to grow by 24% by 2037. Perth is in the centre of Scotland, less than one hour travel from Glasgow and Edinburgh with 90% of Scotland’s population accessible in 90 minutes. The project proposes a distribution consolidation centre and will host technologies, systems and processes to decarbonise urban growth including electrically enabled highways, mobility as a service, automation, Artifcial Intelligence and renewable district power generation.

Investment returns will be generated from infrastructure; revenue through property rental and heat/power streams; and revenue from design, build, fnance and management of the academic facilities.

The development is supported by more than £140 million of planned public investment in infrastructure. Recent investors in Perth include Porsche, Jaguar Land Rover & Bellway plc Homes.

The development is a 130 hectare zoned development area, with 1,600 units of mixed tenure housing, a distribution centre (30,000m2+) , business park (20,000m2) for commercial offce, industrial, hotel, leisure, district heat & power system; and an academic centre. It will be delivered in

©Google

four phases: phases 1 and 2 - trunk road and service infrastructure to open up the site along with 800 mixed tenure houses and distribution consolidation centre; and phases 3 and 4 - 800 houses and academic centre plus 20,000m2 of business land.

Promoter and Partnerships

Perth West is a collaborative project between the local authority (Perth and Kinross Council), government agencies, landowner and businesses.

www.investinperth.co.uk/perth-west

There is already a strong track record of delivering commercial developments in the area including Broxden Business Park in Perth.

www.investinperth.co.uk/perth-west

Queen StreetAberdeen

OpportunityA multi-phase scheme with opportunity for flexible investment, including equity or debt finance, plus joint ventures for some or all phases. Phases 1-3, with a GDV of £26.5 million, present opportunities for hotel, apartments, and leisure and retail.

Project Promoters: Aberdeen City Council

Scale:GDV c. £150 million

Sector: Mixed use, residential led, could include hotel

Location: Aberdeen city centre, Scotland

Investment Type:Joint venture, development partner, equity

Planning Status:Included in Local Development Plan and key project in City Centre Masterplan

aberdeencitycentre masterplan.com

http:masterplan.com

Overview

BackgroundQueen Street will be a residential-led, mixed-use urban quarter in the historic heart of central Aberdeen, adjacent to the new (£107 million) Marischal Square development (www.marischalsquare.co.uk). Phases 1-3 are scheduled for 2020-21 start and present opportunities for hotel, 350 apartments and 9,000 m2 of leisure and retail. Construction costs for phases 1-3 are in the region of £18.5 million.

Queen Street will deliver a new urban quarter alongside existing cultural facilities which will result in a vibrant neighborhood that is active throughout the day and into the evening. The project is central to the City Living approach that is being promoted to re-energise the core of the city and is complemented by major investment in public realm, infrastructure and iconic parks and squares.

Aberdeen’s economy is diversifying quickly and the city was recently recognised as the best place in the UK to start a new business. Oxford Economics has predicted that Aberdeen is set to grow 7.4% over the next five years. Recent data on office occupancy demonstrates a doubling of take-up in 2017 to over 37,000 m2.

Aberdeen is one of the world’s top five energy cities and has been ranked as one of the UK’s most competitive and innovative cities. A quarter of Scotland’s top 100 companies are based in Aberdeen and GVA sits at £18,336 million, 15% of the Scottish total.

Project DescriptionThis is a multi-phase scheme in a prime location. The opportunity could take various flexible forms (i.e. equity or debt finance) and there are opportunities for joint ventures for some or all phases.

The project has a Gross Development Value of c. £150 million. Expected completion of all phases by 2025-6.

Project Promoter and PartnershipsQueen Street is being promoted by Aberdeen City Council in partnership with a number of public sector stakeholders, including the Scottish Government.

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http:www.marischalsquare.co.uk

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great.gov.uk

DIT The UK s Department for International Trade (DIT) has overall responsibility for promoting UK trade across the world and attracting foreign investment to our economy. We are a specialised government body with responsibility for negotiating international trade policy, supporting business, as well as delivering an outward-looking trade diplomacy strategy.

Disclaimer Whereas every effort has been made to ensure that the information in this document is accurate the Department for International Trade does not accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, frm, company or other organisation mentioned.

© Crown copyright 2018 You may re use this publication (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence visit: www.nationalarchives.gov.uk/doc/open government licence or e mail: [email protected]

Where we have identifed any third party copyright information in the material that you wish to use, you will need to obtain permission from the copyright holder(s) concerned.

Any enquiries regarding this publication should be sent to us at [email protected]

Published February 2018 by Department for International Trade.

Image credits Cover: V&A Dundee, © Ross Fraser McLean Pages 4, 7, 22, 23, 26: Getty. Page 2: Clyde Gateway. Page 3: University of Glasgow. Page 8: Renfrewshire Council. Page 10: Chris Stewart Group. Page 11, 13: Glasgow City Council. Page 14: Aberdeen City Council.

www.nationalarchives.gov.uk/doc/open

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