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 50,000 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 office space ranging from 20-80,000 sq. ft. 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/ -Ends-

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

Notes to editors:

Abstract developed the 40 acre Aberdeen International Business Park on behalf of Norwegian Investment Company Aker ASA.

The site was acquired in early 2013. The site is immediately adjacent to Aberdeen International Airport and offers multi- national companies a combination of the best buildings and facilities in the Aberdeen market as well as the closest proximity to the Airport for easy national and international travel.

The Abstract Group is one of the most active office developers in the UK and has the largest office development portfolio of any developer outside of Central London. Abstract is currently developing 170,000 sq ft at St. Vincent Plaza in Glasgow which is the most competitively priced new office building in any city centre in the UK. Abstract are also developing 110,000 sq ft close to Gatwick Airport, again offering the most competitive new office space in the South East of England. Besides the Aberdeen project it is also working with the Carlyle Group on the re-development of the former Colgate factory, now named Soapworks in Salford.