Teesland Group plc - Offices Letting - Fife, Rosyth Europarc

Date: 25 Feb 2002

Teesland Group plc has completed the major 6,690 sq m (72,000 sq ft) office at Rosyth Europarc, its prestige business park in Fife, which will house Intelligent Finance.

Intelligent Finance, a division of HBOS plc and one of the UK's fastest growing telenet banks, has taken the space to further expand its operations in Scotland. The building, Dundas house, situated on the Innova campus offers new flexible office space that will incorporate their own integrated fit-out. The lease is for a 15-year period at a rent of £936,000 per annum reflecting £139.93 per sq m (£13 per sq ft).

Rosyth Europarc, which is situated on part of the site of the former Royal Navy Dockyard, is widely recognised as one of the most significant industrial regeneration projects ever undertaken in Scotland.

The move follows a year of phenomenal growth for Intelligent Finance, the Edinburgh based bank which handles over 327,000 accounts worth £8.9 billion and holds an impressive 9% share of the UK net mortgage market. With offices in Edinburgh and Livingston, this new administration center will house up to 800 staff.

John Brophy of Teesland stated: "This major letting underlines Rosyth's reputation as one of Scotland's top financial services locations. Since we acquired the former Rosyth Naval Base in October 1997, we have provided a completely new infrastructure, cleared development sites for mixed-use development and constructed 5 office buildings totaling some 1300sq m (140,000 sq ft). We have already landed blue chip tenants such as First Banking Systems and Bank of Scotland by providing a high quality envirornnent with excellent parking and communications, close to a skilled workforce. Intelligent Finance's expansion programme at our flagship business location proves Rosyth's status as a world class centre of excellence."

Jim Spowart, Chief Executive of Intelligent Finance said: "During my 34 years in banking I've brought around 5000 new jobs to Scotland. We are coming to Fife because of the advantages of its strategic position and to tap into a high quality local labour force."

Gordon Brown, Chancellor of the Exchequer and Dunfermline East MP welcomes the development. He comments: "I am delighted to welcome 800 jobs to Fife and to herald the next stage of Rosyth's and Fife's development.

This announcement means that 10,000 jobs have been created in the last five years, and unemployment is now half of its previous level in the Dunfermline district. The Intelligent Finance development demonstrates Fife's new role in financial services, which we plan to build on in the months to come."

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