Heart of Midlothian Football Club's majority shareholder, Vladimir Romanov, has completed one of Edinburgh's largest property deals with the acquisition of two former Royal Bank of Scotland (RBS) buildings in the city centre for around £20m.

The deal involves the purchase of the 46,000sq ft former RBS headquarters at 42 St Andrew Square and the associated bank buildings at 38-52 West Register Street, which extend to 41,000sq ft.

RBS used St Andrew Square as its base until it opened new global headquarters at Gogarburn, on the west side of Edinburgh, in 2006.

The properties Mr Romanov has bought are in the heart of Edinburgh right next to major business and commercial units, including Harvey Nichols, Jenners and Waverley railway station.

Although he has not made public his plans for the elegant buildings, there are suggestions Mr Romanov may turn them into a five-star hotel, rent them out as upmarket office space or convert them into the main office for a new bank he is opening in Edinburgh.

If he does choose to convert the buildings into a hotel, it will be the latest in a long line of such projects in the capital, with the most recent being a new five-star hotel set to be built on the corner of the Royal Mile and George IV Bridge.

Mr Romanov said his decision to buy two such major properties showed that he was set to remain at Hearts and invest in Scotland for a long time to come.

"The very fact that we are buying this important property is confirmation of our long-term plans in Scotland," said Mr Romanov last night. "It's a significant developing of the business which can only be good for Hearts."

The former RBS buildings are among the most iconic commercial properties in the capital and a spokesman for Mr Romanov said that the Lithuania-based businessman was proud to be the new custodian of such historic premises.

The spokesman added: "Each of the properties requires significant refurbishment and Mr Romanov is looking forward to achieving this in a proper and careful manner, bearing in mind the listed nature of the buildings."

The St Andrew Square building was the home of Dumbreck Hotels in the early 1800s before being sold to the National Commercial Bank in 1825.

The old buildings were knocked down in 1936 to be replaced by the property which was to become the headquarters for RBS. Although RBS moved out, it retained the building next door at 37 St Andrew Square which is its main city centre bank branch.

Having started his investments in Scotland in 2004 with his involvement in Hearts, the new property deal reinforces Mr Romanov's long-term plans for a major presence in Edinburgh.

Ukio Bankas, the Lithuanian-based bank in which he has a major share, has rec-ently taken over the former Pertemps Recruitment Agency building at 10 Castle Street in Edinburgh and is due to open its first UK branch there in July.