£20m Aberdeen office sale 'turning point' for city's property market

A key Aberdeen office building has been sold to an overseas investor for £20 million, marking a “turning point” for the city’s property market.

Property firm BNP Paribas Real Estate said it had successfully completed the sale of Equinor House on behalf of Golden Globe, to an unnamed private overseas investor. The 46,000-square-foot building is fully leased to Norwegian state-owned energy group Equinor until March 2032.

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.”

Last month there were calls from industry bodies for more than £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, experts have said.

Equinor House in Aberdeen was developed by Drum Property Group for the occupier in 2015.

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 on the sale. Savills and GG Capital advised on the purchase.