Tuesday, 29 July 2014
HFD Group expands into North East Scotland with Barclays £56 mln financing (UK)
Barclays has provided Glasgow-based HFD Group with a £56 mln (approx. €70 million) development finance package as it expands from its central Scotland heartland to develop one of the largest office developments in Aberdeen.
Its new project follows consultation with Wood Group PSN, the largest provider of brownfield services in the oil and gas industry. HFD Group secured a 6.5 acre site on the outskirts of Aberdeen before gaining planning permission for a circa 215,000 ft² (approx. 19.974 m²) Grade A office development. The Barclays funding will support phase one of the CityPark project, with CityPark 2, a second 100,000 ft² (approx. 9.290 m²) office development currently going through the planning process.
Located in Altens, CityPark1, set to be completed in Q3 2015, will allow Wood Group PSN to co-locate the majority of its Aberdeen South Campus to a new, fit for purpose, office directly adjacent to their existing facilities at Trafalgar & Scott House.
Jamie Grant, Head of Corporate Banking, Central Scotland commented: “HFD Group is a well-respected developer and asset manager and has built strong strategic relationships with a number of significant blue chip occupiers across the Scottish market. The vision that they and Wood Group PSN have shown is inspiring and we are committed to supporting the project as it moves into the first phase of development.
Stephen Lewis, Managing Director of HFD Property Group Limited said “Property transactions are so often more than the property itself but are driven by the people, professionalism and passion for a project. We have been delighted that Barclays shares HFD’s approach to project delivery and we’ve been impressed by the speed and efficiency that the Barclays team have delivered, more so when you consider that CityPark1 represents the first funding deal HFD have completed with Barclays. We appreciate their deep knowledge of the Aberdeen market and their understanding of our capabilities.”