THE biggest commercial property deal to be struck in Aberdeen since the pandemic took hold has been revealed.
The headquarters of Neptune Energy, 16 North Esplanade West, has changed hands after being marketed with an asking price of £15.25 million.
It is understood that the sale means commercial deals concluded in the Granite City so far this year have now overtaken the tally for 2020, when activity was weighed down by the fall-out from pandemic.
The Grade A 16 North Esplanade West, which spans more than 40,000 square feet across five storeys, is let in its entirety to a subsidiary of Neptune Energy Group, the exploration and production company.
Glade Capital, a London-based real estate investment platform, has acquired the property from a limited partnership managed by Tritax. The building was completed in 2014.
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Property firm Knight Frank and DWF advised the seller on the deal, with Dentons acting for Glade.
Chris Ion, capital markets partner in the Aberdeen office of Knight Frank, said: “The deal for 16 North Esplanade West underlines the value on offer in Aberdeen and the city’s attractiveness as a place to invest. It is a high-quality, prominent building that remains one of the highest rated buildings for its sustainability credentials in the city – a key driver in the energy-led occupational market.
“With both Covid-19 restrictions easing and the oil price sustaining at pre-Covid levels, it could serve as a catalyst for further investment in 2021 and beyond.”
Lior Eisenberg, founding partner at Glade Capital, said: “Aberdeen’s 16 North Esplanade West investment represents our commitment to quality assets well located across UK city centres. We’re excited to grow our footprint in the UK market.
"This acquisition, like other recently completed transactions in our portfolio, embraces an investment philosophy of acquiring Grade A office properties that are leased on a long-term basis to a strong, investment grade tenant.”
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