London-based Palm Capital, a pan-European real estate private equity specialist, has sold the headquarters of Scottish Gas in Edinburgh for around £27 million (€29.5 million).
The sale of the grade A office building to The Bank of London & the Middle East follows the agreement by Palm Capital of a new 16 year lease with Centrica, Scottish Gas’ parent company.
Serving as the operational headquarters of Scottish Gas since 2003, the 94,100 sq ft is home to around 1,800 of its employees.
Palm Capital originally acquired the asset off-market back in 2016, after which it restructured the lease with Centrica.
The property itself is energy-efficient, according to the firm. Designed by Foster & Partners, it’s fittingly located on a former gasworks site on the Edinburgh waterfront.
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