Barclays Corporate has granted a £3m loan to businessmen to assist with the purchase of a prime building in Belfast city centre.

Blackstaff House in Great Victoria Street, currently on a long-term lease to the BBC, will be bought by Edward and Patrick Simpson.

The businessmen, whose interests include Benedicts Hotel, said they were keen to diversify their investment portfolio.

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Gavin Campbell, relationship director at Barclays Corporate, said: "It is a good example of the type of strategic and innovative transactions that are possible despite difficult market conditions."

Sean Lavery, the firm's tax partner, said: "The economy has been through tough times recently but this transaction is a demonstration of the confidence that still exists in the market for prime real estate deals."

Business advisors BDO were also involved in the commercial property transaction.

(GK)