EDP Renewables (EDPR), a global leader in the renewable energy sector and one of Europe's main energy companies is set to open its first UK office in Edinburgh.

The company has agreed terms to occupy a fourth floor office suite at 40 Princes Street, which is owned by Redevco, who were advised by King Sturge. The suite extends to 5,360 ft² and the company has signed-up for a ten-year deal, with a five-year break option.

Adam Starr, Director of Redevco said: "We are delighted to welcome another high caliber occupier to 40 Princes Street. This building is one of Edinburgh's most dynamic developments, boasting spectacular views plus providing the quality of accommodation that EDPR wanted."

Jonny Jenkins of King Sturge agreed: "The fact that EDPR has selected Edinburgh is a tremendous boost for the capital’s office market which is beginning to recover after last year’s downturn. 40 Princes Street sets the standard for office accommodation in Edinburgh and has an excellent tenant mix. In essence, it offered the ideal solution for EDPR."

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Princes Street is one of the best known thoroughfares in Europe and Number 40 is the only substantial office development with a Princes Street address. It is one of the landmark buildings in the capital, featuring a stone and glass fronted retail and office development on the site at the east end of Princes Street. The Grade A building offers high quality office and retail accommodation in a prime site. It has five floors of offices extending to 47,482 ft2. Other occupiers include Davis Langdon, Brewin Dolphin Aberdeen Asset Managers and Thomson Reuters.

Redevco owns one of the largest real estate portfolios in Europe. The company is active in 20 European countries and develops and manages a portfolio consisting of properties in prime locations throughout Europe’s major cities. The portfolio comprises over 800 properties, mainly retail and office buildings, with an estimated value of €7.1 billion.

In Scotland, Redevco owns Princes Square Shopping Centre and the Guildhall office building in Glasgow.

King Sturge advised Redevco on this deal, whilst EDPR was self-represented.

King Sturge and Jones Lang Lasalle are joint-agents at 40 Princes Street.

(GK/CD)