Barclays has announced the provision of a £52 mln (EUR 67 mln) debt package for Drum Property Group to build the first phase of Aberdeen’s Grade-A business park for the oil and energy sector.
Barclays has announced the provision of a £52 mln (EUR 67 mln) debt package for Drum Property Group to build the first phase of Aberdeen’s Grade-A business park for the oil and energy sector.
The UK lender 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 sq ft (38,000 m2) of high-quality office accommodation across four buildings, all of which are already fully pre-let to world-leading investment grade companies in the oil and energy sector; Apache North Sea, Nexen Petroleum UK and Transocean UK Drilling.
Construction work on the Prime Four Business Park project has begun and is expected to be completed in autumn 2013. It is estimated to create 1,200 jobs in the local area.
'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,' said Jamie Grant, head of Property and Project Finance for Barclays in Scotland.
