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30 Aug 2019 | 07:42

Parkmead acquires Pitreadie Farm to develop renewable energy sites

Parkmead said it had agreed to acquire Pitreadie Farm, an owner of farmland and sites in Scotland with renewable energy potential for £4.9m in shares.

The deal also involved the adoption of an existing £3.6m loan from Bank of Scotland.

Potential had been identified for the installation of numerous wind turbines, a solar farm and a biomass production facility on the acquired land, totalling some 2,320 acres.

The deal would see Parkland executive chairman Tom Cross lift his holding in the company to 25.0%, up from 19.1%.

'This acquisition is directly in line with Parkmead's strategy,' non-executive directors Philip Dayer and Iain Rawlinson said.

'It positions the group very well for balanced growth by making a first step into the renewables sector.'

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