KRE Developments secures £15m finance from RBS
Aberdeen-based KRE Developments LLP, (a Knight Property Group Company) the commercial real estate developers, has secured a new £15m facility from Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB). This includes funding for the construction of office developments underway at Prospect Park in Westhill, Aberdeenshire.
06 December 2012
Established in 2006, KRE Developments is part of Knight Property Group plc, one of Scotland’s leading property developers. Run by chairman and managing director James Barrack the company is a major contributor to the local Aberdeen market and has successfully completed significant developments in the Westhill area already which are now occupied by a number of large oil and gas sector operators. On completion of the buildings under construction the park will support around 1400 jobs in the region.
"Westhill is one of the most desirable commercial locations in Scotland and we are delighted to have secured this funding from RBS. There is constant demand from companies looking to establish a base or relocate in the area and this financing will enable us to take full advantage of the opportunities it presents. We have developed a close working relationship with RBS over a number of years and look forward to embarking on further projects with them."
James Barrack, chairman and managing director, KRE Developments LLP
"We are delighted to be supporting KRE Developments with this transaction. Prospect Park is a very strong location and is particularly attractive to the growing number of energy related companies in Aberdeen with its close proximity to the airport and the proposed Aberdeen Western Peripheral Route. James and his team have the experience to capitalise on this opportunity and we look forward to supporting the company with the development."
Stuart Heslop, Regional Managing Director, Real Estate Finance, RBS CIB
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