Legal & General has invested £50m into regenerating an old Debenhams store on Princes Street in Edinburgh into a new hotel, spa and food and beverage space.
L&G Property Fund will fund the revamp of 109-112 Princes Street, which used to be a 100,000 sq ft department store, into an Upper Upscale Hotel, with a sky bar, basement spa and event and dining space.
L&G will reveal plans in a pre-application consultation proposal before the end of the month, with a planning application to follow.
Matt Jarvis, senior fund manager at Legal & General, said: “As normality begins to return around the world, it has never been more important that we support the UK’s cities in continuing to adapt, change and innovate; supporting their economic recovery and continuing to promote them as attractive places to live, work and visit.
“Our vision for Princes Street will do just that, whilst securing these important buildings as a vibrant hub in the centre of one of the world’s great cities.”
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