EEH Ventures, the London-based property investment business, has bought a cluster of Aberdeen offices from BMO for £45 million.
The price paid for the three buildings at Prime Four Business Park, which house US oil giant Apache, China National Offshore Oil Corporation and drilling contractor Transocean, reflects an initial net yield of 17.88%.
Prime Four is in Aberdeen’s western office corridor, running from the city centre, around a 20-minute drive away, to Westhill. Drum Property Group is the developer behind the office campus, with its total investment into it exceeding £300 million.
Apache signed a 15-year lease at Caledonia House in 2014 in a commitment to its UK North Sea business, where it entered in 2003. CoStar data shows it occupies the entire circa 104,000 square feet at the building.
The group announced at the end of last year that it would cease operations in the North Sea by the end of 2029 because of the windfall tax, confirmed in the Autumn Budget.
Transocean and CNOOC operate out of other buildings at the office campus, with CoStar data showing the drilling contractor leases around 27,000 square feet.
All buildings at the Grade A office cluster were designed to BREEAM 'Very Good' standard and have an EPC B+ rating. The wider scheme continues to sign major oil and gas firms, securing Harbour Energy at 34,000 square feet in January last year.
Savills acted for the buyer, while CBRE acted for the vendor.
BMO, EEH Ventures and Savills were approached for comment. CBRE declined to comment.
