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Northern Ireland: AIB has provided £12.25 million in refinancing to Oakland, the Belfast-based developer behind room2 Belfast, further cementing its role in financing sustainable real estate projects across Northern Ireland.
room2 Belfast, which opened earlier this year, is one of Europe’s most sustainable aparthotels. The 100 per cent electric building is powered entirely by renewable energy and holds a suite of certifications including WELL Building Standard Platinum, EPC A rating, Green Tourism Gold Award, and B Corp status.
Oakland, led by chief executive Gareth Graham, is also the developer behind Merchant Square, the landmark Belfast city centre office project that became the largest single-let commercial property deal in Northern Ireland when PwC established its UK headquarters outside London there. Merchant Square has received RICS and CEF awards and carries a BREEAM Excellent rating.
Gareth Graham said: “At Oakland, sustainability is not an afterthought, it is central to everything we do. room2 Belfast is a clear example of how we can deliver a commercially successful development while also setting new standards for environmental performance. We are pleased to have partnered with AIB, whose commitment to funding green and future-focused projects is fully aligned with our own vision for innovation and sustainability in Northern Ireland.”
Seamus McGuckin, head of corporate banking Northern Ireland at AIB, said: “AIB is committed to playing a key role in advancing sustainable development and supporting clients who share that ambition. Oakland has demonstrated real leadership in delivering a building that is both commercially strong and one of the most sustainable aparthotels in Europe. We are proud to provide the investment loan that underpins this landmark project and to stand alongside Oakland in advancing Northern Ireland’s sustainable future.”
The refinancing was structured by Radius Corporate Finance, which ran a competitive process involving more than 20 potential lenders.
Highlights:
• AIB has provided £12.25 million funding to Oakland, developer of room2 Belfast.
• room2 Belfast has 100 per cent of its electricirt powered by renewables.
• It also holds WELL Platinum, EPC A, Green Tourism Gold, and B Corp certifications.
• Radius Corporate Finance advised on the refinancing, selecting AIB after a competitive lender process.
