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New facility for development

Wood Group offices refinanced by bank

sir-ian-wood-houseScottish developer HFD Property Group has secured bank support to refinance the 216,000 sq ft office scheme, Sir Ian Wood House, in Aberdeen, for £54m.

The 10-year funding package has been provided by Bank of Scotland’s Commercial Real Estate team through its partnership with Scottish Widows.

Sir Ian Wood House – which has been let to Wood Group on a 15-year lease – was called CityPark1 before being renamed after the tenant’s long-serving former chairman.

The EPC ‘A’ rated building, located in Aberdeen’s new 15-acre CityPark business park in Altens, was completed this year and will house up to 2,000 Wood Group employees.

HFD’s new funding agreement replaces an existing development financing facility on the scheme which was provided by another bank.

Stephen Lewis, managing director at HFD Property Group, said: “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.”

Alan Brennan, relationship director, commercial real estate, Bank of Scotland, added: “HFD are a long-standing client whose growth we have supported across Scotland for a number of years.”

Earlier this year, Bank of Scotland provided a development funding facility to HFD Property Group for the 360,000 sq ft Bothwell Exchange in Glasgow, which is partially pre-let to investment bank Morgan Stanley.

As part of the partnership between Bank of Scotland Commercial Real Estate and Scottish Widows, which was launched in 2014, the bank originates loans of seven years and more on behalf of the insurance subsidiary

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