The purchase marks the largest investment deal this year in the city.

This is the third acquisition in the city by the New York-based private investment firm and follows the build-to-suit acquisition of the Aker Solutions UK Campus in 2018, and the Lloyds Register building in Prime Four in 2017. LCN also has offices in Amsterdam, London and Luxembourg.

Vendor HFD Property Group completed the development in 2016 and this year, in conjunction with LCN Capital Partners, negotiated a new 15-year lease with Wood, building on their strong relationship.

Located on CityPark, just south of Aberdeen City Centre, Sir Ian Wood House, named after the company’s former chairman, extends to 216,000 sq ft of Grade A office accommodation. The property is a unique offering with floorplates of 54,000 sq ft and is occupied entirely by Wood, accommodating around 2,000 employees.

Edward LaPuma, co-founder of LCN Capital Partners, said: “We have been tracking this deal since the building completed and are delighted to have concluded the transaction. With more than £6 million of rental income per annum for the next 15 years, CityPark1 will provide our latest fund with secure, long-term income to a strong covenant in Wood. We continue to seek high-quality sale-leaseback and build-to-suit investments in critical corporate property across the UK and Europe where we currently have over €1.5bn of buying power.”

Stephen Lewis, managing director of HFD Property Group, added: “The sale of one of our developments is always a bittersweet moment for HFD. Whilst we’ll exit our ownership of the building, our long-term relationship with Wood continues as an occupier of other accommodation within our portfolio.

“We’ve known LCN for some time and are delighted to assist the business with another successful Aberdeen acquisition, the first for LCN European Fund III.”

The deal price represents a yield of approximately 7.00%. HFD was represented by Avison Young; while LCN Capital Partners was advised by Cushman & Wakefield.

David Davidson, chair of Cushman & Wakefield in Scotland, said: “Aberdeen remains a very attractive market to international investors, and is showing positive signs of recovery following some very challenging years.”