Offices sold

£20m deal reflects ‘turning point’ for Aberdeen

Equinor House sale shows ‘growing appetite for Aberdeen’

The Aberdeen offices of Norwegian state-owned energy company Equinor have been sold for £20 million to to an undisclosed overseas private investor.

The deal is said to reflect a turning point for investing in the north east of Scotland amid growing interest in energy security.

Equinor House is a 46,000 sq foot building in the Kingswells area and is fully leased to the company until March 2032.

The property was developed by Drum Property Group for Equinor in 2015, before being acquired by Golden Globe in 2018.

BNP Paribas advised Golden Globe on that deal and on the sale announced today. Savills and GG Capital advised on the purchase.

Gary Cameron, head of Scotland at BNP Paribas Real Estate, said: “Aberdeen has witnessed a scarcity of prime office deals in the last few years in what most will accept, has been a subdued market.

“However recent world events and the energy cost crisis have brought a stark focus on UK energy security and a renewed commitment to the North Sea.

“We believe the Equinor House sale marks a shift in investor appetite for Aberdeen and a turning point for the city.

“Demand for the city won’t be a blanket one but for select assets offering the combination of location and secure and sustainable income, Aberdeen can offer investors really good value.”

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