Aberdeen’s Talisman House office block, home to North Sea operator Repsol, has sold in a deal worth £8.2 million.
The six-storey building was originally put on the market in 2021 with an asking price of £19.2m.
But the Holburn Street building has now been bought by Shelborn Investments Limited, the asset management team behind Quorum Park and Edinburgh Green.
Prominent Aberdeen office building
A landmark in the Aberdeen skyline for more than two decades, Talisman House spans approximately 96,000 sq ft and is fully let to Repsol Sinopec Resources UK.
The sale has been secured by specialist real estate asset and investment manager Catella Apam on behalf of the building’s previous owner, Britannia Invest A/S of Denmark.
© Supplied by -Andrew Day, Catella Apam head of asset management (north), said: “This high-quality landmark investment is well positioned within Aberdeen’s west end, the energy capital of Europe.
“The asset represents an opportunity to deliver several asset management strategies supported by the continued expansion of the green energy market into the local area.”
Positive signs for city office market
Agents Knight Frank said the Aberdeen office market is improving with the latest sale a reason for positivity.
Douglas Binnie, Knight Frank Scotland Talisman House selling agent, said: “Sentiment towards the Aberdeen office market continues to improve, buoyed by sustained high oil prices, which remain the main driver of occupier activity in the city.
“Grade A availability in Aberdeen is below 2% and Talisman House is well positioned to take advantage of the reducing supply of office space in the city centre.”
Talisman House, which opened in 2000, was built on the site of the former Aberdeen College of Commerce, which was demolished in 1999.
Spanish oil firm Repsol and China’s Sinopec acquired stakes in Talisman Energy, the building’s original occupier, in 2012 and 2015 respectively and formed the joint venture based there.
Over the years the oil and gas exploration company has undertaken rolling refurbishment programmes at Talisman House.