Aberdeen-based Knight Property Group has secured £45million in funding from Royal Bank of Scotland (RBS) to continue the purchase and development of prime acreage throughout Aberdeen city and shire for its development of commercial property.

The commercial property specialist has developed in excess of 10 acres of land since the start of 2010, with several developments commenced on a speculative basis yet snapped up before completion.

The Group achieved the biggest letting in Aberdeen last year for the lease of 33,483 square foot at Westpoint Business Park in Westhill to exploration and production company TAQA Bratani.

James Barrack, chairman and Managing Director, Knight Property Group, said: "There continues to be a massive demand for commercial property in the area, particularly from energy companies looking to set up a base in Aberdeen, the oil and gas capital of Europe. Aberdeen is a popular business location but there is not a fraction of the square footage of required office space available to meet demand.

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"We have consistently developed office and industrial space throughout the recession in response to the lack of well-located good quality accommodation in the city and to cater for the current and forecasted growth in demand.

"Thanks to RBS we are now fully funded to purchase and develop land in prime locations, providing grade A commercial properties where possible. We are actively seeking out sites and are presently looking at a selection of opportunities including land purchase, site development and property redevelopment," he continued.

Stuart Heslop, RBS head of real estate finance in Scotland said: "I am delighted that RBS is supporting Knight Property Group in its plans for Aberdeen. The company has an excellent track record in the city and James and his team have a fantastic reputation for meeting the needs of firms who are actively looking for new space. This will undoubtedly benefit the local and wider Scottish economy for years to come."

Various projects completed by Knight since early 2010 include Unit 3 at the Minto Commercial Park – a speculative build on a 1.2 acre site which was let prior to its completion in April 2010 with an investment value in excess of £ 2.50 million.

(GK)