Rockspring’s UK Value 2 fund has completed the purchase of 1 Tanfield, an office building in Edinburgh, from Carlyle Group for £56m – a 6.5% yield.
It is the £342m fund’s eighth deal to date, and brings the total aggregate value of assets acquired thus far to £260m.
Tanfield comprises 190,846 sq ft of grade A office space over three floors. It is 80% let to eight tenants including Dell, Trainline.com, Aecom and FNZ.
It has a weighted average unexpired lease term of 9.7 years.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said: “Tanfield provides us with a robust cash flow and the opportunity to add value through leasing up of the existing space and facilitating tenant expansion.”
Eric Young & Co acted for Rockspring. Carlyle Group was advised by CBRE.
