BNP Paribas Real Estate has successfully completed on the sale of the Aberdeen HQ of global energy group Equinor, on behalf of Golden Globe Ltd, to a private overseas investor for £20m.
The 46,000 sq ft Equinor House is fully leased to the Norwegian state-owned firm until March 2032 and has fixed rental uplifts of 2.5% pa.
Gary Cameron, Head of Scotland at BNP Paribas Real Estate commented: “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.”
Last month there were calls from industry bodies for over £25 billion of capital investment in the energy sector in the next decade. This, alongside the ongoing transition towards renewables, will solidify the area’s standing as the UK’s leading energy hub.
Equinor House, was developed by Drum Property Group for the occupier in 2015. Advised by BNP Paribas Real Estate, Golden Globe acquired the asset in 2018.
BNP Paribas Real Estate advised Golden Globe Ltd on the sale. Savills and GG Capital advised on the purchase.