Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. It was founded by Sam Laidlaw in 2015 with private equity backing from funds advised by Carlyle Group and CVC Capital Partners and in 2018 they were joined by CIC, the Chinese sovereign wealth fund.
Brief
Neptune Energy initially occupied a small serviced office (5/7 desks) in London’s West End prior to its transformational acquisition of ENGIE’s E&P business in February 2018 which saw headcount grow to more than 1,800 personnel working across exploration, appraisal, development and production. McCalmont-Woods was tasked with finding and negotiating the acquisition of a new London office into which the newly enlarged business could co-locate its HQ functions.
Outcome
The limited office supply pipeline was driving occupiers, particularly in the West End, to activate searches well in advance of lease events. Working to a tight timetable, McCalmont-Woods evaluated over 50 properties across various London office sub-markets before arriving at a shortlist of building options. A number of potential options were selected for further evaluation (including space planning and technical analysis) with detailed financial reviews undertaken on a reduced shortlist of properties. McCalmont-Woods subsequently concluded negotiations to acquire the part 8th floor at Nova North, Victoria, SW1 on a new 10 year lease (incorporating a fifth year tenant break option) from Victoria Circle Limited Partnership, a joint venture between Land Securities and Canadian Pension Plan Investment Board. The new offices provided the business with 11,000 sq ft Grade A floorspace on an efficient single floor and produced circa £1.7 million cost savings.
Chris Boulter, Head of Business Development
“Nick was a tremendous help finding and securing our new office space. We went through a long screening process and viewed many properties before settling on Nova North. Nick helped throughout the process, adapting quickly to changes in scope and budget and using his in-depth knowledge of the London market to make sure we got the best deal.”
