AWG Property and HF Developments End Joint Venture

AWG Property Limited and HF Developments have ended their successful joint venture partnership at Strathclyde Business Park and Hamilton International Park.

The deal will see HF Developments buy out AWG’s 50 per cent shareholding in both Strathclyde Business Park and Hamilton International Park.

HF Developments is now the sole owner of Strathclyde Business Park and Hamilton International Park, with the exception of three existing properties at Hamilton International – Prospect House, Kilpatrick House and Nevis House – which will remain in joint ownership.

Tony Donnelly, Managing Director of AWG Property, said: “We have enjoyed a successful joint venture with HF Developments at Strathclyde and Hamilton parks and have worked together to create two of the most attractive and sought-after business locations in Scotland.

“However, the growth of our new business in Scotland means that now is the best time to conclude our joint venture.

“We are committed to expanding our investment portfolio and will be concentrating our development focus on our flagship projects in prestigious locations such as Exchange Court in Edinburgh, the new Shell HQ in Aberdeen, Number One Glasgow and East Quayside in Newcastle.

“We will continue to work with HF Developments on our joint venture at Number One Glasgow and wish it every success at both Strathclyde and Hamilton in the future.”

HF Developments is keen to use the deal to consolidate its position as one of Scotland’s leading independent developers.

William Hill, Managing Director of HF Developments, said: “The joint venture was established more than 15 years ago and has worked successfully to increase occupancy at both Parks. Strathclyde Business Park and Hamilton International Park have brought over 6,500 jobs to Lanarkshire, and we have bold plans for the future.

“We are very excited about the future of both Parks and we feel that the expansion of competing developments demonstrates the strength of the business park market.

“We wish to thank AWG Property for its role in developing the Parks and we are delighted that AWG accepted our offer to buy its shares in each joint venture.”