Rockspring Property Investment Managers has purchased Annan House in Aberdeen for £45.1m from EnQuest, on behalf of Rockspring Hanover Property Unit Trust.
The property is let on a 20-year lease to EnQuest, the oil and gas development and production company.
Annan House is a 120,000 sq ft, six-storey Grade A office headquarters, with a BREEAM rating of very good.
Mischa Davis, associate partner and fund manager at Rockspring, said: “We believe that the current rent at £24.6 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.
“To maintain the fund’s three-year outperformance, the fund’s strategy has been to make a number of tactical sales in London and the South East where business plans have been concluded, and to recycle capital into prime regional assets, like Annan House.
“We have seen strong interest in the fund since the beginning of the year. Secondary trading activity in the fund’s units worth £47m from 15 clients demonstrates confidence in both the fund and its strategy.”
Established 48 years ago, Hanover is an actively managed open-ended UK focused real estate fund. As at 30 June 2015, the fund had £513m under management and recently achieved a three-year outperformance of its benchmark.
Knight Frank acted on behalf of EnQuest and CBRE acted on behalf of Rockspring.
