Aug 22, 2019
The headquarters of Scottish Gas, in Edinburgh, has been sold to the Bank of London and The Middle East (BLME) for around £27 million.
The grade-A Office building at Edinburgh’s Waterfront Avenue was sold with the help of private equity specialist Palm Capital to the UK-based Islamic bank. The building sizes at 94,100sq ft and housed the 1,800 people employed by Scottish Gas since 2003.
The sale follows an agreement by Palm Capital of a new 16-year long lease with Scottish Gas’s parent company, Centrica.
JLL, Sheridan Property Consultants and DCS Legal advised Palm Capital, which acquired the building in 2016. Darin Partners, CBRE and CMS advised BLME.
Palm Capital managing director, Reda Khatim, said: “Having acquired this asset off-market in 2016 and subsequently restructured the lease with Centrica, this sale follows the completion of our business plan and realises significant value for our investors. This investment was part of our Office 4.0 strategy, where we target quality but under-managed assets and reposition them into… quality investment products.”