Wood Group moves in after refinancing

Amajoraberdeenofficedevelopment will become home to hundreds of Wood Group staff after a £54 million refinancing deal, it was announced today.

Scottish developer HFD Property Group said it had refinanced its recently completed 216,000 square feet office scheme, Sir Ian Wood House, in the city.

The ten-year funding packagehasbeenprovidedbybank of Scotland’s commercial real estate team through its partnershipwithscottishwidows.

The building, which has been let to energy services heavyweight Wood Group on a 15-year lease, was originally called Citypark1 before being renamed after the tenant’s long-serving former chairman.

Completed earlier this year, Sir Ian Wood House – on the 15-acre Citypark business estate in Altens – will now 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 lender.

Stephen Lewis, managing director at HFD, 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.

“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, BOS, added: “The energy sector remains a cornerstone of the economy in Aberdeen and the North-east.” 0 Altens office complex named after Sir Ian Wood