The developer behind an Aberdeen office complex named after Sir Ian Wood said yesterday it had secured a £54million refinancing for the building.
HFD Property Group, a division of Lanarkshire-based commercial property firm HFD Group, added the new arrangements involved a change of lender.
A spokeswoman for the company rebuffed speculation the move was prompted by a failed attempt to sell the property, Sir Ian Wood House, in the 15-acre CityPark development at Altens, insisting there were no such talks.
But it is thought there was strong interest from UK and international investors seeking secure, long-term income from the grade A office space.
Wood Group occupies the 216,000sq ft complex on a 15-year lease, it emerged yesterday.
The energy service firm celebrated the official opening of the Hareness Road building in the company of Sir Ian, its former chairman, in April.
The property, originally called CityPark1, was developed as Wood Group’s main site on the south side of Aberdeen. Operations in Dyce and corporate headquarters in Justice Mill Lane complete the firm’s footprint in Europe’s energy capital.
HFD Property Group said its new 10-year funding package was provided by the commercial property team at Bank of Scotland (BoS) in partnership with Scottish Widows.
Stephen Lewis, managing director for the developer, added: “This new longer-term funding agreement provides us, while we remain owner, with certainty of funding over an extended period for this landmark new development within the HFD portfolio.
“Sir Ian Wood House and the wider CityPark business park are an important part of Aberdeen’s future and we’re proud to have delivered this first phase of the scheme.
“We look forward to delivering further phases of high-quality, highly sustainable and cost-effective properties and remaining a stakeholder in the city’s continued success.”
BoS commercial property team relationship director Alan Brennan said: “The energy sector remains a cornerstone of the economy in Aberdeen. We are committed to playing a role in supporting the quality real estate assets the city needs.”
Granite City-based property market expert David MacLeod, a director at FG Burnett, said the developer would be “very comfortable” keeping Sir Ian Wood House until a buyer offers “a price that suits”.
Aberdeen remains attractive for investors despite the oil and gas industry downturn and Brexit, Mr MacLeod said, adding tens of millions of pounds had already been paid this year for sites including KCA Deutag’s offices at City South and AAB’s headquarters at Prime Four in Kingswells.
Meanwhile, property agent CBRE said yesterday office take-up in Aberdeen during the first nine months of 2016 totalled 152,683sq ft – “significantly below” average levels in previous years despite a pick-up in activity in the last quarter.
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