30 Jul 2012 09:00 GMT
· £52 million debt funding for Drum Property Group Ltd
· Aberdeen's first world class business park
· Construction to begin in July 2012
· An estimated 1,200 jobs to be created and sustained in
Phase 1
Barclays has announced the provision of a £52 million debt
package for Drum Property Group Ltd to build the first
phase of Aberdeen's only Grade A business park for the oil
and energy sector. Barclays is the sole financial backer
for the facility, which will fund the building of the first
phase of the innovative development. Phase 1 will comprise
350,000 square feet of high quality office
accommodation.
Construction work on the Prime Four Business Park project
has begun and an estimated 1,200 jobs will be created and
sustained in the local area from Phase 1 alone. Economic
consultants have calculated that the first phase of Prime
Four Business Park will be worth £300 million a year to the
local economy.* Four buildings are planned in Phase 1, all
of which are already fully pre-let to world-leading
investment grade companies in the oil and energy sector;
Apache North Sea Ltd, Nexen Petroleum UK Ltd and Transocean
UK Drilling. Phase 1 will be completed in Autumn 2013
followed by further phases which, in addition to further
Grade A office accommodation, will include a four star
hotel, a leisure club, retail and service outlets.
The business park will include cutting edge architectural,
landscaping and design principles using the sustainable
materials to create a development of regional economic
significance.
Drum will work with leading UK contractor Sir Robert
McAlpine (SRM), a company with a proven track record of
constructing major projects including the Olympic Stadium,
the Emirates Stadium, and recent M74 extension in
Scotland.
Graeme Bone, Director of Drum Property Group Ltd.,
commented: "We are delighted to be working with Barclays
Bank plc on this exciting project. Prime Four Business Park
will provide world class accommodation for world class
organisations and play a part in maintaining Aberdeens'
status as the acknowledged energy capital of Europe."
Jamie Grant Head of Property and Project Finance led the
deal from Barclays working alongside Philip Johnston
(Director of Real Estate), Jayne Dickens (Director of
Structured Property Finance), and Stuart McAleese (Manager
of Real Estate).
Jamie Grant, Head of Property and Project Finance for
Barclays in Scotland, commented: "This is a substantial
property transaction not only in the Aberdeen property
market, but also the wider Scottish economy, which will
result in a world class oil and energy business hub
Aberdeen can be proud of. Barclays' investment illustrates
our appetite to work closely in conjunction with management
teams to support their vision and viable commercial plans.
Drum Property Group have identified demand from occupiers
for a master planned, landscaped business park in Aberdeen
that will serve as an international growth centre for the
region and we are committed to supporting the
development."
Aberdeen is widely recognised as the energy capital of
Europe and its growing oil and gas sector plays a vital
role in the macroeconomic environment. In 2010 £14 billion
was spent on exploration, development and operation in the
region. 28 of Scotland's largest 100 companies are located
in Aberdeen. Subsequently the development has attracted
high demand already as it benefits from an unrivalled
location in Aberdeen's office market.
Prime Four makes up 50% of Aberdeen Council's flagship
employment land release up to 2023. The site is situated
four miles west of Aberdeen city centre on the A944 and is
located beside Kingswells, an affluent suburb of Aberdeen.
It will be integrated with an adjacent Park and Ride
facility at Kingswells with regular bus services to and
from Aberdeen. Drum will announce plans for the remaining
three phases of the business park later this year.
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