Greenridge to acquire Edinburgh's 1 Tanfield for £65.5m

Rockspring Tanfield Offices Edinburgh

Patrizia has agreed to sell 1 Tanfield, a large office building in Edinburgh, to Greenridge Investment Management for about £65.5m, Property Week can reveal.

The price for the 191,000 sq ft, multi-let office building reflects a net initial yield of about 6%.

The property last changed hands in spring 2015 when Rockspring Property Investment Managers, which has since been acquired by Patrizia, bought it from The Carlyle Group for £56m, on behalf of its UK Value 2 Fund. At the time, 1 Tanfield was about 80% let.

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