Rockspring Property Investment Managers has purchased a headquarters building in the Scottish city of Aberdeen from oil and gas company EnQuest for £45.1 mln (€61 mln).
Rockspring Property Investment Managers has purchased a headquarters building in the Scottish city of Aberdeen from oil and gas company EnQuest for £45.1 mln (€61 mln).
Annan House comprises 120,000 sq ft (11,000 m2) over six floors and 271 parking spaces. The property is fully let on a 20-year lease to EnQuest.
The building, which has a BREEAM rating of ‘Very Good’, was bought on behalf of Rockspring Hanover Property Unit Trust. Established 48 years ago, Hanover is an open ended UK focused real estate fund with £513 mln under management.
'We believe that the current rent at £24.66 per sq ft, the long lease and the quality of Annan House together provide encouraging prospects for growth when oil prices, and therefore the Aberdeen office market, recover as expected,' said Mischa Davis, associate partner and fund manager at Rockspring.
Knight Frank acted on behalf of EnQuest and CBRE advised Rockspring in the transaction.
