Standard Life Investments has sold the Tanfield Silvermills office building in Edinburgh to a joint venture between Bellhouse Joseph and the Carlyle Group for £23.15 mln (EUR 34 mln).

Standard Life Investments has sold the Tanfield Silvermills office building in Edinburgh to a joint venture between Bellhouse Joseph and the Carlyle Group for £23.15 mln (EUR 34 mln).

Tanfield was developed by the Standard Life Assurance Company in 1990 for its own occupation. Currently vacant, the highly specified office building occupies an almost 2 million m2 site on the northern fringes of Edinburgh city centre. It comprises 18,950 m2 of open-plan office accommodation on three floors with a capacity for up to 1,800 staff and a parking lot with 300 car spaces. Jones Lang LaSalle acted for Standard Life Investments in the negotiations. The Carlyle Group and Bellhouse Joseph were represented by City & Wharf.

The Carlyle Group's managing director Robert Hodges said: 'The acquisition of Tanfield Silvermills is our second investment in Scotland, following the acquisition of the Cumbernauld Retail Park between Edinburgh and Glasgow. The acquisition fits the Carlyle Group's strategy of buying premium regional offices and we are pleased to be working with Bellhouse Joseph on the further development of Tanfield Silvermills.'