Transfer of shares gets the go-ahead - Waterfront Edinburgh Limited
Waterfront Edinburgh Limited (WEL) was set up in 1999 as a joint venture company between SE and CEC to support the regeneration of Granton Waterfront through acquiring land that could be packaged to sell on to private sector companies for development.
WEL has helped transform Granton Waterfront over the last nine years by addressing contamination and providing enabling infrastructure. This has resulted in over £300 million of public and private investment in the area in recent years. It also means that the most significant barriers to further private investment in the area to further the ongoing process of economic regeneration have been overcome.
Linda McPherson, Regional Director at Scottish Enterprise said “Scottish Enterprise’s new remit as Scotland’s enterprise, innovation and investment agency, has meant a sharper, more strategic focus on supporting business growth and developing a competitive business environment. Having reviewed progress made to date and our long-term options in relation to WEL, and in discussion with the City of Edinburgh Council, we have agreed that it is appropriate to transfer our shareholding to them. This will not impact on progress towards the overall vision for Edinburgh to become a world class waterfront destination.”
Councillor Jenny Dawe, Leader of the City of Edinburgh council said “Many of our arms-length companies were formed a long time ago and the commercial and regulatory environment has changed substantially in the intervening time. Assuming full ownership of WEL during the current economic climate will enable us to focus on the long-term aim of regenerating the Waterfront area.”
Colin Hunter, Chief Executive of Waterfront Edinburgh Ltd said: “This is a positive move for Waterfront Edinburgh Ltd and allows the necessary ongoing restructure of WEL within the CEC Holdings Group.”
Julia McLaren
Regional Communications Executive
Scottish Enterprise
Telephone: 01786 452022
Mobile: 07801 794046
Email: julia.mclaren@scotent.co.uk
Leanne Mabberley
City of Edinburgh Council
Telephone: 0131 529 4431
Email: Leanne.Mabberley@edinburgh.gov.uk
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