New lease agreement
Scottish Gas HQ sold to Islamic bank in £27m deal
Edinburgh HQ: new owner
A UK-based Islamic bank has bought the headquarters of Scottish Gas in Edinburgh from Palm Capital for £27m.
The Sharia’a-compliant Bank of London & The Middle East (BLME) provides Middle Eastern clients access to real estate investment opportunities in the UK.
Palm Capital said the 94,100 sq ft office building at Waterfront Avenue , which has served as the operational headquarters of Scottish Gas since 2003, has been leased to Centrica [parent company of Scottish Gas] on a new 16-year agreement.
Reda Khatim, managing director at Palm Capital, 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 realizes significant value for our investors.