Oil-rich Aberdeen has secured its biggest investment deal in nine years, in a sign that the booming fuel markets are helping the city defy the credit crunch.

German fund manager Pramerica has gone under offer to buy bp’s Aberdeen headquarters for just under the £54m asking price.

The 207,000 sq ft building has been sold by Goodman at around a 6.25% yield.

According to research by Knight Frank, Aberdeen, which is the UK home for the oil industry, has been insulated from the global credit crunch with record levels of rental growth, longer lease terms and fewer break options.

Cushman & wakefield advised Pramerica; Strutt & Parker’s London office advised Goodman.