Edinburgh landmark office set for £200 million transformation backed by £135m Green Loan from HSBC
One of Edinburgh’s most iconic office developments is set to undergo a major transformation into a cutting-edge workplace, supported by a £135 million funding package from HSBC UK.
Occupied by a major UK bank, Port Hamilton will be refurbished to the highest sustainability standards, while HSBC’s financing will be provided as a Green Loan facility.
The £200 million Edinburgh city centre redevelopment will be spearheaded by Drum Property Group and will deliver 282,000 sq ft of modern office space.
The transaction was delivered through collaboration between HSBC’s Asset Management, Private Bank and Real Estate Finance teams with legal counsel provided to HSBC by international law firm CMS.
Tim Williams, head of real estate investment at HSBC Asset Management said: “We were delighted to conclude this finance facility as part of a wider project to transform this landmark building. The redevelopment will deliver the highest sustainability standards, minimise embodied carbon, and create an exceptional workplace.”
Siobhan Gall, regional head, HSBC UK Real Estate Finance added: “We are delighted to support the redevelopment of this prime office scheme in Edinburgh, which is anticipated to set a new benchmark for sustainability in the market.
“This complex financing transaction was successfully delivered as a result of close collaboration between all parties involved, providing an excellent example of the value HSBC can bring to its clients, by leveraging its global network.”
The new tenants will take a new 21-year lease when redevelopment completes towards the end of 2027, which represents one of the largest pre-let agreements ever secured in Edinburgh’s commercial real estate market.
Comments
Want to join the conversation? Please or to comment on this article.