Thursday, 23 April 2015
Rockspring acquires 1 Tanfield in Edinburgh for €78,6 mln (UK)
Rockspring Property Investment Managers LLP, on behalf of its UK Value 2 LP, has acquired 1 Tanfield, an office building in Edinburgh, from Carlyle Group for £56 mln (€78,6 mln) reflecting a net initial yield of 6.5%. It is the eighth property to be acquired on behalf of the Fund and brings the total aggregate value of assets in UK Value 2 to £260 mln (€360 mln).
1 Tanfield, which recently underwent an award-winning redevelopment, comprises 190,846 ft² (17, 651 m²) of grade A office space over three floors and an underground car park with 297 spaces. With a track record of attracting companies operating in the TMT sector, the building is currently 80% let to eight tenants including Dell, Trainline.com, Aecom and FNZ, a provider of integrated wealth management platforms, with a WAULT of 9.7 years.
Rockspring recently announced the final close of UK Value 2 which, at eight months, was the fastest fundraise Rockspring has achieved in its 30 year history.