Aviva has completed a £22.4m forward-funding agreement for a 77,000 sq ft office building in Stirling, Scotland, the investment giant said this morning.
The block, which has been prelet to M&G on a 20-year lease with five-yearly reviews, will be the first office facility at Kildean Business Park, developed by a joint venture between Cromwell Property Group and Stirling Council.
Matthew Bird, UK head of the JV, Cromwell Property Group, said: “The office development at Kildean Business Park is a great project, which we believe provides a template for future office development in the UK.
“On completion, it will incorporate a range of measures to ensure the wellbeing of staff in the workplace, as well as scoring highly against widely accepted environmental and sustainability benchmarks.”
The building is scheduled for completion in mid-2022, with investors hoping it will achieve a BREEAM excellent rating.
Renos Booth, head of real estate long income at Aviva Investors, said: “Not only should this benefit the local community, we believe it should also add a layer of future-proofing and therefore offer enhanced income resilience for our clients over the long-term.”
To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette
