East Kilbride, Scotland
Freescale is leasing back 70,000 sq ft of campus offices from Clowes for research and development, applications engineering, systems architecture, and product engineering purposes. This agreement maintains Freescale’s presence at the location, while offering Clowes significant scope to redevelop the rest of the site.
Iain Davidson, director of logistics and industrial with Colliers International in Scotland, said: “This is the largest industrial disposal in the West of Scotland for some years and despite challenging market conditions we were successful in identifying a local buyer. The transaction itself was not without its complexities given the scale, nature of the site and our client’s requirement to lease back part of the site. However, we are delighted to have secured the sale to Clowes Developments.”
“Our expert advice, combined with Freescale’s proactive planning, has resulted in ensuring continued employment in the tech sector of that region” added Stephen Rothrock, president and managing principal of ATREG. “We are pleased to have achieved such a successful transaction for our client in a down market.”
The value of the transaction has not been disclosed. Patrick Property Consultancy advised Clowes Developments (Scotland) Limited during the transaction.
In December 2010 Colliers International and ATREG advised Freescale on the sale of its other Scottish semiconductor facility, located in Dunfermline, to Shepherd Offshore Services Limited.