Pan-European real estate investment and asset manager Palm Capital has sold a grade-A office building in Edinburgh, Scotland, for £27 million ($32 million).
The buyer was The Bank of London & The Middle East, a U.K.-based Islamic bank.
The 94,100-square-foot building is located at 1 Waterfront Ave. in the heart of the Edinburgh Waterfront on a former gasworks site. It has served as the operational headquarters of Scottish Gas since 2003.
The sale follows Palm Capital’s recent signing of a new 16-year lease with Centrica, the parent company of Scottish Gas.
“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,” said Reda Khatim, managing director at Palm Capital in a statement. “This investment was part of our Office 4.0 strategy where we target quality, but under managed, assets and reposition
