The money from the Scottish Partnership for Regeneration in Urban Centres (Spruce) fund will be used for the renovation of 55 Douglas Street, previously known as the Cerium Building, in Glasgow. The funding enable redevelopment of the site, delivering 85,000 square feet of new office space over six levels.
Communities secretary Aileen Campbell said: “This investment is a great example of what we can do through the Spruce fund, using finance from the Building Scotland Fund. This loan will help support opportunities for new business to create new jobs, encourage more inward investment and lead to economic growth.
“The transformation of this building will provide much needed high spec office space in the centre of Glasgow. This will further enhance the city’s reputation as a place where companies from across the globe will choose to locate and do business, providing jobs for local people.”