Stephen Kay

As Director of capital markets, Stephen provides a full range of investment consultancy services to a broad spectrum of clients including private investors, family offices, niche property companies and major funds and institutions, with a focus on acquisition, disposal, asset management, funding and financial modelling.


As a graduate of Aberdeen University, Stephen joined Roxburgh & Co in 1996 - a specialist niche Investment consultancy - becoming Investment director in 2000 and was instrumental in the growth of the business.

In 2004 he joined the Edinburgh office of Montagu Evans, appointed as partner where he led the highly successful capital markets team in Edinburgh. He joined Chris, his former colleague from Roxburgh & Co, and Nick as Director of Investment at CuthbertWhite in 2013.

Stephen has acted for numerous investors in the disposal and acquisition of assets from all sectors – including offices, shopping centres, supermarkets, retail warehousing, hotels and high street retail and has transacted in-excess of £1 billion of transactions.


Stephen is a member of the Investment Property Forum, is a Trustee of the 'Lamp of Lothian' and is often found on top of a mountain, either walking, biking or skiing and is still attempting the ascent of all Scottish munros.



  • Acquisition of 86-92 George Street and 70-80 Rose Street Lane North, Edinburgh on behalf of Broadland Properties. This city centre mixed-use office and retail block represents a prime multi-generational investment.
  • Advising Westerwood Properties on the acquisition of the centrally located office building Verity House, 19 Haymarket Yards, Edinburgh for £9m.
  • Advising USS on the acquisition of the Hilton, Newcastle a modern purpose built 4 star Hotel let entirely to Hilton for approximately £38m.
  • Acquisition and subsequent sale of Guildhall, Glasgow, a Grade A office building centrally located, extending to 145,000 sqft in the region of £29m on behalf of Rockspring Investment Managers
  • Forward commitment of Sainsbury’s, Westfield Road, Edinburgh for Hermes Real Estate Management
  • Acquisition of the South East Office Portfolio on behalf of Rockspring comprising five buildings across Richmond, Guildford, Kingston and Crawley totalling £70m
  • Disposal of a portfolio of mixed use assets located throughout Central Scotland on behalf of Antler Property Investments
  • Acquisition of Atrium Court, Waterloo Place, Glasgow, a Grade A office building in the city centre, on behalf of USS (100,000 sqft)
  • Acquisition and subsequent disposal of Apex 123, Haymarket Terrace, Edinburgh for Catalyst Capital (100,000 sqft)
  • Disposal of Quartermile Two, Edinburgh for £23m on behalf of Gladedale Group (58,000 sqft)
  • Acquisition of 9/10 St Andrew, Edinburgh on behalf of Patrizia for £27m