Aberdeen industrial facility secures £11.5m funding after pre-letting to NYSE-listed company
A major new industrial facility near Aberdeen International Airport has been forward funded to the tune of £11.5 million after being pre-let to an NYSE-listed engineering company.
Global investment management firm Global Gate Capital completed a deal to forward fund the new 88,050 sq ft industrial facility, which is being delivered by Miller Developments at D2 Business Park, Dyce.
Ryden’s Aberdeen office provided investment agency and building consultancy advice to Global Gate Capital.
The facility has been pre-let to Oceaneering International, a NYSE-listed engineering company headquartered in Houston, Texas, on a 15-year lease.
The site, which measures approximately five acres, will be developed by Miller Developments and was marketed on their behalf by CBRE. Other occupiers at D2 include BP, Asco and a Hampton by Hilton. Construction work will commence imminently and is scheduled to complete before the end of 2020.
Rudy Sayegh, CEO of Global Gate Capital, said: “Since the inception of Global Gate Capital the UK has represented an important part of our real estate investment program. While our portfolio now spans the US, Germany, France, and the UK, we continue to see interesting opportunities to deploy our capital in UK real estate.”
Tim Russell, principal at Global Gate Capital, said “We are very pleased to secure this forward funding in Aberdeen and look forward to partnering with a company of Miller Developments standing. The building’s prime location, high specification and generous yard were attractive to us, together with Oceaneering’s strong covenant and market leading position in the energy sector. The property is a complimentary addition to our UK real estate portfolio and we look forward to securing further deals in the near future.”
Steven Cowie, Oceaneering vice president and country manager for the UK, said: “Having operated from various sites in the city for over 40 years, this new industrial facility at D2 will bring employees together and enable teams to collaborate and communicate more effectively to achieve best practice within our business. The development directly reflects Oceaneering’s continued commitment to the region and our customers. There is no doubt that this move will both energize and optimize our operations moving forward.”
A joint statement from the agents involved, Ken Shaw at Ryden and Gordon Pirie at CBRE, highlighted that the new Oceaneering facility will be the first sizeable industrial development in the city since 2014 and provides evidence of a renewed confidence in the local economy. With business and investor sentiment improving, the city is once again showing its resilience and ability to recover from challenging times.