BAILLIE Gifford, the fund manager, has shelved plans to move to a new landmark building in Edinburgh.

The company earlier signed a deal to pre-let 60,000 sq ft in the building now known as 20 West Register Street but previously called the Mint Building in St Andrew Square.

Baillie Gifford has confirmed it now intends to sub-let the building and not move any staff there.

Hines Pan-European Core Fund, one of Hines’ flagship funds, completed the acquisition of the building last year.

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Hines agreed the forward purchase of the building from Edinburgh-based property development and investment company, Chris Stewart Group, in June 2018 in an off-market transaction pre-let on a 15-year lease.

The Hoskins Architects-designed building provides office space across seven levels.

A spokesman for Baillie Gifford said: “We decided to reassess our need for additional office space given the current circumstances and to avoid further disruption for our staff.”

The office space is being marketed through Ryden.

Baillie Gifford employs 1,317 people and has assets under management and advice of £198 billion.