Colliers International and ATREG Secure Sale of Freescale Semiconductor’s East Kilbride, Scotland facility
Sale and partial leaseback agreed with Clowes Developments (Scotland) Limited
Colliers International and ATREG, Inc. (Advanced Technology Resource Group), a Seattle-based global advisory firm to the semiconductor industry, have facilitated the successful sale and partial leaseback of the Freescale Semiconductor campus at East Kilbride, Scotland, in a deal which sees Edinburgh-based Clowes Developments (Scotland) Limited acquire the 800,000 sq. ft. facility located on 26 acres.
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, Logistics & 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 Ltd.