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RBS moots sale of Scottish headquarters
Tue, 02 Feb 2010

As part of a strategic review, RBS is considering a sale and leaseback of Gogarburn, its headquarters in Scotland.

The site could raise over £500m in a sale, and may attract the likes of large property groups British Land and Land Securities.

RBS owns a further £4bn worth of investment properties that are presently leased, and it is thought likely that these could also be placed on the market.

The headquarters are situated in 100 acres of woodland on the site of a former psychiatric hospital, cost £350m to build and were opened in 2005. Stephen Hester, the new chief executive, has no intention to move the 3,200 staff based there.

RBS is also making other asset disposals, including its RBS Sempra commodity trading joint enterprise. A £2.5bn deal had been agreed with JP Morgan but was disrupted by US plans to stop banks from carrying out proprietary trading.

The complex boasts a glass-ceiling concourse, which is lined with shops and restaurants, a nursery and a shuttle bus service direct to Edinburgh centre.

The strategic review is in its early stages and a decision on the sale of Gogarburn is not expected to be announced for a time.

The bank is also reviewing its London properties with a view to consolidating its 18 sites.

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