Greenridge Investment Management, on behalf of a joint venture, has bought a £65.5m (€73.5m) Edinburgh office complex from a Patrizia Immobilien fund.
The London-based investment manager on behalf of a partnership with an international investor has bought the 1 Tanfield office complex from Patrizia’s UK Value 2 fund.
UK Value 2 bought the 191,000sqft, multi-let office complex asset in July 2015 from Carlyle Group for £56m.
Kim Sardar, a fund management director at Patrizia, said: “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.”
