LEGAL & General Property (LGP) has bought and forward-funded the development of 335,000 square-foot headquarters in Aberdeen for Norway's Aker Solutions, in the largest-ever single office deal to take place in the city.

The deal is in fact worth more than £127 million, equating to a 5.75 per cent net initial yield, and the state-of-the-art green development will cater for about 2,400 staff at the oil and gas products, systems and services provider.

It also marks the first phase of Aberdeen International Business Park, opposite the entrance to the city's airport, and being developed by the Abstract Group for Norwegian investment firm Aker ASA.

It was announced early last year that the two companies had paid an undisclosed sum to Miller Developments to buy a 40-acre site there.

In the latest deal, LGP was acting on behalf of its annuity fund, and said Aker is to move in to the development in February, paying rent of just under £7.74m per year, initially on a 20-year lease term.

The development comprises three interlinked buildings totalling 336,369 square feet net of 'Grade A' office accommodation, plus 1,197 parking spaces.

Facilities are set to include a gym, medical centre, retail and childcare services plus temperature-controlled rooms for grocery deliveries. It has also been designed to be highly sustainable, planned out to achieve a BREEAM 'Excellent' rating.

Adam Kerr, head of long income transactions at Legal & General Investment Management unit LGP, said: "The quality and enduring appeal of the building as a key business location is vital, as is the strength of the covenant backing it."

He added that Aberdeen's occupational market has shown "great resilience" over the last five to seven years, having emerged from the financial crisis with growing interest in purpose-built, high-specification accommodation to attract and retain staff amid an "acute" shortage of skilled labour.

He added: "The majority of demand seen over the past year has been from oil service companies looking to upgrade their general accommodation, as well as looking at secondary stock for specific contract-led requirements."

Mark Glatman, chief executive of Abstract Group, which is currently involved in development work at St. Vincent Plaza in Glasgow, said that the LGP purchase is "a huge endorsement of the Aberdeen market and this development in particular".

He added: "When completed, this building will offer the best-quality and most environmentally friendly accommodation in Aberdeen."