EnQuest, a UK-based independent oil company, has taken up occupancy of its newly constructed office in Aberdeen and, at the same time, announced the sale of the new building to Rockspring Hanover Property Unit Trust for £45.1 million.
EnQuest has taken a twenty-year lease over the office space in the new building.
According to the UK oil producer, that the transaction is being effected through ‘Rockspring’ acquiring 100% of the ordinary shares of EQ Property Limited and taking on the obligation to repay pre-existing debt and certain other balances amounting to £32.5 million.
The net proceeds to EnQuest, the company says, is £12.6 million after adjusting for these obligations and overall net debt is reduced by $69.9 million as a result of this transaction.
EnQuest has added that the proceeds of the sale would be used for general corporate purposes.