Capital office changes hands in £66m deal

Property firm Patrizia Immobilien has completed the sale of an Edinburgh office complex.

German property firm Patrizia has announced the sale of the 1 Tanfield office development. Picture: contributed.

The German-headquartered company has sold the 1 Tanfield office development in Canonmills to Greenridge Investment Management, on behalf of a joint venture with an international investor, for £65.5 million. The property yield was just below 6 per cent.

Patrizia highlighted the “extensive” asset-management programme undertaken since acquiring the 191,000 square foot, multi-let building in 2015, including a redesign of the common areas.

That helpd it achieve 100 per cent occupancy. with current tenants including tech firms Craneware, FNZ and Blackcircles.

Eric Young & Co advised Patrizia during the sale, while JLL assisted Greenridge.

Kim Sardar, fund management director at Patrizia, which also owns Apex House in the capital, said: “This transaction realises significant value for our investors.”