Business in brief: Gatehouse | Barclays | Trap Oil | Goals | Miller Group

Published on 10/07/2012 00:00

GATEHOUSE Bank, a Shariah compliant investment bank, has paid £59.9 million for the Bridge View and Consort House in Aberdeen from Ulster Estates, a Northern Ireland property company.

Gatehouse in £60m double purchase

The deal represents a net initial yield of 7.15 per cent. The six-storey property is the largest office development in central Aberdeen and is occupied by oil and gas service provider Petrofac as its North Sea office headquarters, as well as the NHS.

Castle View in £10m buy–out

BARCLAYS has financed a £10 million “family buy-out” at Bridge of Allan-based leisure centre operator Castle View.

Martin Bell has used the funds to buy out his two brothers, who are not involved in the business, following the death of their father, Frank, last year. Castle View operates leisure facilities for more than 20 local councils in England and Wales and also owns a food manufacturing business.

Trap appoints second broker

TRAP Oil, the Aim-quoted explorer that bought Banchory-based Reach Oil & Gas last year for £30 million, has appointed a second broker.

FirstEnergy Capital will work alongside the company’s existing broker, Mirabaud Securities.

The two firms acted for Trap last month when it raised £4.3m through a share placing aimed at financing new licences and drilling activities.

Goals bid goes into extra time

THE Ontario Teachers’ Pension Plan was yesterday given a further period of extra time to consider its potential bid for East Kilbride-based five-a-side football pitch operator Goals.

The pension fund’s private equity arm now has until 23 July to consider making an offer for the firm. A potential takeover battle emerged last week after Patron Capital Partners, owner of rival chain Powerleague, said it was also mulling an offer.

Council’s property joint venture folds

EDINBURGH City Council and property developer Miller Group last night put their New Edinburgh Limited joint venture into administration.

The vehicle was set up in 1990 to build the Edinburgh Park office development on the edge of the city. The most recent accounts showed the firm owed Lloyds Banking Group about £19 million in loans. The firm’s only assets are a partially-let office block and 30 acres of land.