PROPERTY investor BLME has acquired the Edinburgh headquarters of Scottish Gas for £26.9 million.

It comes after Bank of London and the Middle East (BLME) acquired Atlantic Quay 1, Glasgow, for £55m last year.

It has now secured the award-winning Foster and Partners-designed office building on the Edinburgh waterfront. 

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Khaled Alanani, head of real estate investments, BLME , said: “This is a compelling investment and aligned with our investment strategy of acquiring income generating assets with index linked rent reviews.

"The asset is backed by a strong tenant and we are encouraged by their commitment to the building and the continued investment and regeneration of the Edinburgh Waterfront area.

"The asset was acquired at an attractive price and expect to generate a steady return for our investors.”

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London-based BLME is Sharia-compliant and identifies and co-invests in real estate alongside investors from the Middle East.

The 91,124 sq ft Grade A office is let to GB Gas Holdings and guaranteed by Centrica plc, a FTSE 100 company.

In March 2019 an extension to the Edinburgh tram line was approved which will provide additional transport links. The building comes with 198 car park spaces.