TWO PRESTIGIOUS AWARDS FOR AKER SOLUTIONS' HQ AT ABERDEEN INTERNATIONAL BUSINESS PARK

Abstract Securities and joint venture partner Aker ASA, have announced that Aker Solutions’ new office HQ – at Aberdeen International Business Park - has won two prestigious awards presented by the British Council for Offices and the Royal Institution of Chartered Surveyors.

The British Council for Offices (BCO) presented Aker Solutions' HQ with a highly-prized Corporate Workplace Award at its Scottish Awards ceremony on 16 April.  The development will now progress to the UK National Awards in October 2016.  

The BCO Corporate Workspace Award recognises exemplary standards in buildings commissioned by owner-occupiers, or where the building has been customised by a developer for the occupier. The winner was judged on the combined merits of its base build and fit-out. 

The building also won the Commercial Development of the Year Award at the RICS Scottish Awards. Again, the project will progress to the RICS Awards Grand Final in October 2016.

The commercial category of the RICS Awards honours an excellent commercial property development whether retail, office, leisure, industrial or mixed use.  

Abstract and Aker delivered three interlinked office buildings that extend to 335,000 sq ft of net internal area, comprising the first phase of Aberdeen International Business Park. The buildings are designed to accommodate up to 2,400 employees and include a gym, sports hall, squash courts, internet delivery room and a nursery.

Completed and handed over on time and on budget in February 2015, the project achieved BREEAM 'Excellent' and EPC 'A' ratings and was completed in just 77 weeks including a complex 'Category B' fit-out. The space was let to Aker Solutions in what is believed to be Scotland's biggest ever single office letting transaction.

The 40 acre office park is located immediately opposite the entrance to Aberdeen International Airport on Dyce Drive, approximately six miles to the North West of Aberdeen City Centre. 

Mark Glatman, Chief Executive of Abstract Securities, said: “'Abstract is delighted that Aker Solutions' new headquarters at Aberdeen International Business Park has been honoured by not one, but two major and highly prestigious awards presented by the BCO and RICS.  

“We and our architect Keppie Design worked very closely with Aker Solutions throughout the entire design process to create a superb working environment, with first class amenities, that satisfies the needs of the business while creating an ideal workplace/lifestyle balance for the staff. We are very pleased at the accolades given to the project by the BCO and RICS, which showcase our philosophy of delivering high quality, cost effective and sustainable developments.”

Main contractors on the project were Bowmer & Kirkland and the architect was Keppie Design. Other consultants included Turner & Townsend (project managers), DSSR (M&E engineers), Mott MacDonald (engineering consultants) and Turkington Martin (landscape architects).

For information on Aberdeen International Business Park, please visit www.aibp.co.uk

Further media information: Lisa@skylarkpublicrelations.com / 07825 225414 pauline@skylarkpublicrelations.com / 07833 490964

ABSTRACT WINS AWARD FOR BEST DEAL OUTSIDE CENTRAL LONDON FOR ITS ABERDEEN INTERNATIONAL BUSINESS PARK DEVELOPMENT

Abstract achieved further recognition for its Aberdeen International Business Park development at the recent OAS Development Awards. The OAS Awards are the only event awarded by agents which recognises excellence in office development, sustainability and transactions across the wider UK, City of London and West End markets.

Abstract entered the Aberdeen International Business Park as the Best Deal Outside Central London achieving a Highly Commended status for the submission.

ABSTRACT COMPLETES AND HANDS OVER PHASE 1 OF ABERDEEN INTERNATIONAL BUSINESS PARK

Mark Glatman’s Abstract Group, acting as Development Manager at Aberdeen International Business Park (AIBP) for its client Fornebuporten UK AS (a subsidiary of Norwegian investment company Aker ASA), has announced that it has completed and handed over Phase 1 of the Park, on time and on budget, on 20 February 2015.

As well as having been completed and handed over exactly on schedule, there were no accidents on site, no days lost in construction and just seven snagging items across the 335,000 sq ft development. The development has achieved BREEAM 'Excellent' and EPC 'A' ratings and was completed in just 84 weeks including a complex category B fit out.

Phase 1 of AIBP was let to Aker Solutions in what is believed to be Scotland's biggest ever single office letting deal, and the resultant investment was sold to Legal & General. Phase 2 is now underway with Savills and CBRE newly appointed as agents, joining Knight Frank. The second phase will comprise a series of office buildings available on a 'design and build' basis, ranging from 40,000 sq ft up to a total of 530,000 sq ft as well as at least one hotel, for which Abstract is currently in discussions with an operator. Short term flexible 77,000 sq ft office space is also immediately available to let.

AIBP's site contractors were Bowmer & Kirkland and its architect was Keppie Design. Other consultants included Turner & Townsend (project managers), DSSR (M&E engineers), Mott MacDonald (engineering consultants) and Turkington Martin (landscape architects).

The 40 acre office park is located immediately opposite the entrance to Aberdeen Airport on Dyce Drive, approximately six miles to the North West of Aberdeen City Centre. The strategic importance of AIBP is further highlighted by the start of works to the long-awaited Aberdeen Western Peripheral Route (AWPR) and the associated six-lane Link Road (running immediately adjacent to the site) between the AWPR and the Airport. The AWPR is due for completion in late 2017 (earlier than expected) and will link the Airport with the City Centre and the established Western side of Aberdeen. The Link Road, together with the AWPR, will truly transform this location and create the leading non city centre business location.

The AWPR will also be supported by new infrastructure put in place by Abstract, including a new spine road joining Phases 1 and 2 of AIBP and the Link Road. Work on this new infrastructure will begin in Q2 of this year.

Commenting on the handover, Mark Glatman, Chief Executive of the Abstract Group, said: “On 20 February we handed over Phase 1 of AIBP, on time - in just 84 weeks - and on budget, having operated a completely safe site and with just seven snagging items, which, over a 335,000 sq ft complex build that incorporates a large number of office, leisure, and lifestyle elements, is an achievement that everyone involved in the development can be extremely proud of. The environmental criteria of BREEAM ‘Excellent’ 2011 and EPC ‘A’ are also amongst the highest of any building in Scotland. To build on this scale and in the often difficult weather conditions that we've experienced in the past months is challenging, but I am delighted to say that we completed and handed over on schedule and now look forward to starting work on the infrastructure that is planned for Phase 2.”

Adam Kerr, Head of Annuity Transactions at Legal & General Property, which purchased Phase 1 on behalf of its annuity fund in Aberdeen's largest single office deal said: "The buildings were effectively delivered comfortably ahead of the target practical completion date, as evidenced by the short list of snags. Abstract have a strong reputation for delivering top quality buildings highly efficiently and this development has been no exception. We are delighted with the investment and the Development Team deserve congratulations on this considerable achievement."

For information on Aberdeen International Business Park, please visit www.aibp.co.uk/

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Image shows: Aberdeen International Business Park
For media information, please contact Lisa Mennie at Skylark PR on 07825 225 414 / lisa@skylarkpublicrelations.com

L&G IN RECORD ABERDEEN OFFICE DEAL

Legal & General Property (LGP), on behalf of its annuity fund, announces that it has purchased and forward funded the development of a 335,000 sq ft Headquarters office for Aker Solutions in Aberdeen for a total consideration of over £127 million, equating to a 5.75% net initial yield.

Representing the largest single office deal ever to take place in Aberdeen, the property forms the first phase of Aberdeen International Business Park which is being developed by the Abstract Group on behalf of Norwegian Investment Company, Aker ASA.

With works nearly complete, the first phase comprises three interlinked buildings totalling 336,369 sq ft (net) of Grade A office accommodation, alongside 1,197 car parking spaces. Taking the property on a 20-year, lease term, with options to extend the leases over three further five year periods, Aker is due to take occupation of the asset in February 2015. Paying an annual rent of just under £7.74 million, with a headline rent equating to £23.75 per sq ft and RPI linked rent reviews, the letting to Aker is believed to be the largest ever single office letting to take place in Scotland.

With consent for total of around 1 million sq ft of accommodation, further phases are expected to include a series of office buildings and at least one hotel. The property is located immediately opposite the entrance to Aberdeen Airport on Dyce Drive, approximately six miles to the north west of Aberdeen City Centre. The strategic importance of the Dyce Airport location is further highlighted by the start of works to the long awaited Aberdeen Western Periphery Route (AWPR) and the associated Link Road between the AWPR and the Airport.

Aker Solutions is one of the largest employers in Aberdeen, with operations spread across a number of sites in the City. When fully occupied, there will be around 2,400 employees in this new complex. With a tight supply of skilled employees in the Aberdeen market, the first phase of the development is focused around providing a full-offer environment for employees, to include a good range of catering facilities, as well as a gym and sports hall, two squash courts, a medical centre, retail and a nursery / crèche. Also recognising the growth of internet shopping, the building offers dried, chilled and freezer rooms for delivery of groceries to the workplace.

Designed to achieve a BREEAM Excellent rating and targeting an EPC Rating of B, the property comprises a number of high sustainability credentials.

Commenting on the sale, Mark Glatman, Chief Executive of the Abstract Group, said: “This purchase by Legal & General is a huge endorsement of the Aberdeen market and this development in particular. When completed, this building will offer the best quality and most environmentally friendly accommodation in Aberdeen.”

Adam Kerr, Head of long income transactions at Legal & General Property, commented: “Abstract has a reputation for delivering buildings of high specification, with excellent green credentials, to an exceptional standard of finish and this development project goes above and beyond this. Investing for the long term, in order to provide a secure, long term income to match our annuity liabilities, the quality and enduring appeal of this building as a key business location is vital, as is the strength of the covenant backing it.”

Laura Mason, Director of Direct Investments at Legal & General Capital, said: “This investment demonstrates our continued commitment to move into direct investments in the UK using our internal capital sources to provide long term financing to many different sectors.”

For further information, please contact:

Olivia Goodall
PR Manager, Legal & General Property 020 3124 2777

Mark Glatman
Abstract Group of Companies +44 (0) 207 747 8272 www.aibp.co.uk

LEGAL & GENERAL IN RECORD ABERDEEN OFFICE DEAL

Legal & General has completed the purchase of the largest single office deal ever in Aberdeen with the acquisition of the first phase of the Aberdeen International Business Park in a transaction valuing the scheme for in excess of £127m equating to a 5.75% yield.

The first phase comprises 3 interlinked buildings totalling 335,000 sq ft net. The buildings are nearly complete and will be ready for occupation in February 2015. The tenant for all 3 buildings will be a member of the Aker Solutions ASA Group and they will be paying an annual rental of just under £7.74 million for a 20 year term with options to extend the leases for 3 further periods of 5 years. The headline rent equates to £23.75 per sq ft. This is believed to be the largest single office letting ever in Scotland.

The Aberdeen International Business Park is being developed by the Abstract Group of Companies on behalf of Norwegian Investment Company Aker ASA. Further phases of the development which will comprise a series of office buildings will take the total development up to around one million sq ft and will also include at least one hotel. The importance of the Dyce Airport location of the Aberdeen International Business Park is being highlighted by the start of works to the long awaited Aberdeen Western Periphery Route and the associated Link Road between the AWPR and the Airport.

Aker Solutions is amongst the largest employers in Aberdeen with operations spread across a number of sites in the City. When fully occupied, there will be around 2,400 employees in this new complex. With a tight supply of skilled employees in the Aberdeen market, there has been considerable focus within this first phase of development on providing a total environment for employees to include a good range of catering facilities as well as a gym and sports hall, 2 squash courts, a medical centre, a shop, and a nursery / crèche. Also recognising the growth of internet shopping, the building offers dried, chilled, and freezer rooms for delivery of groceries to the workplace. Commenting on the sale, Mark Glatman, Chief Executive of the Abstract Group said “this purchase by Legal & General is a huge endorsement of the Aberdeen Market and this development in particular. When completed this building will offer the best quality and most environmentally friendly accommodation in Aberdeen”.

Adam Kerr, Head of Annuity Transactions at Legal & General Property commented that “this is an exceptional development with an excellent single tenant and we are very pleased to have made this acquisition”.

Dowley Turner Real Estate acted for Legal & General. Abstract was unrepresented.

Contact : Abstract Group of Companies
Mark Glatman
T. +44 (0) 207 747 8272 Legal & General