Tanfield: new owner
Prime Edinburgh office property Tanfield has been sold in a £65.5 million deal to a London-based investment manager.
Owner Patrizia has agreed to sell the 191,000 sq ft building to Greenridge Investment Management. The deal reflects a net initial yield of about 6%.
The former offices of Standard Life in Canon Mills are home to a number of the capital’s high profile businesses, including FNZ, Craneware and Avaloq.
Daily Business reported in October that the owner was planning to sell Tanfield and was in talks at the time with an Israeli business.
The property last changed hands in spring 2015 when Rockspring Investment Managers – since acquired by German firm Patrizia – bought it from the Carlyle Group in a deal thought to be in the region of £56m.
Greenridge will add Tanfield to its Edinburgh portfolio which includes Gyle Square, fully let to the National Health Service in South Gyle. It was acquired in In May 2016 for £48.4 million, representing a net initial yield of 5.76%.