The 275,000 sq ft portfolio at the Prime Four business park in Kingswells, was previously owned by Canadian financial services company BMO. It houses the headquarters of oil firms CNOOC, Apache, and Taqa. This transaction, completed in the last quarter of 2024, represents the largest of its kind in Scotland during that period.

The buildings were originally developed in 2012 by Drum Property Group under a 15-year lease agreement.

While this sale marks a significant transaction, it’s not the largest commercial property deal in Aberdeen this year. Union Square shopping centre was acquired by Lone Star, an American private equity firm, from Hammerson for £111m. Additionally, BP’s North Sea headquarters in Stoneywood was sold to DS Properties for approximately £16m, Energy Voice reports.

The sale of the Prime Four buildings comes amidst uncertainty for some tenants. Taqa plans to cease production from its UK North Sea platforms by 2027, while Apache intends to exit the North Sea by 2030, citing the windfall tax as a key factor.