Patrizia has completed the off-market sale of the 1 Tanfield office complex in Edinburgh for £65.5m on behalf of its ‘UK Value 2’ fund.
The property was sold to Greenridge Investment Management on behalf of a joint venture with an international investor. The property yield was just below 6%.
Kim Sardar, fund management director at Patrizia, commented: “This sale follows the successful completion of a comprehensive asset management programme, which has transformed this property into a vibrant hub for businesses operating in the TMT sector.
“In line with our business plan, this transaction also realises significant value for our investors. The Edinburgh office market continues to experience strong occupier and investor demand, and we’ve been able to deliver the right product to satisfy both those markets.”
The 191,000 sq ft, multi-let office complex was acquired in 2015 and was then subject to an extensive asset management programme to bring the building to 100% occupancy.
Tanfield is located in the Canonmills area of Edinburgh, close to the city centre.
Eric Young & Co advised Patrizia. Greenridge was advised by JLL.
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
