Billed as one of Edinburgh’s largest ever pre-let deals, the complex will become Lloyds Banking Group’s main base in Scotland following completion of the works in 2027.

The 280,000 sq ft Port Hamilton building in the city’s financial district has been home to Scottish Widows for almost 30 years.

In an innovative deal structure, Drum will assume control of the property and take responsibility for redeveloping the building as part of a forward funding agreement.

Port Hamilton will remain the head office for the pensions and investments business as Drum has also concluded a pre-letting agreement with Lloyds Banking Group which will see the firm enter a 21-year lease after the transformation works are expected to be completed in 2027.

The Port Hamilton redevelopment is part of Lloyds Banking Group’s wider drive to create a more sustainable office footprint across the UK and contribute to its net zero goal.