Feb 2019
Feb 2019

Maples Teesdale has advised PATRIZIA Immobilien AG’s UK Value 2 fund on £110m of sales in Manchester and Edinburgh

By Roger Thornton

The Maples Teesdale team acted for PATRIZIA’s UK Value 2 fund on the corporate aspects of the off-market sale of the 191,000 sq ft “1 Tanfield” office complex in Edinburgh for £65.5m to Greenridge Investment Management (on behalf of a joint venture with an international investor). The sale was effected through the sale of the shares in a Luxembourg holding company.

In January 2019 Maples Teesdale advised on the sale of Peter House in Manchester for in excess of £44m. Facing St Peter's Square, the recently refurbished 95,000 sq ft, 10-storey office is fully let, with Regus's Spaces occupying 85,653 sq ft on a 15-year lease it signed at the start of 2018. Other tenants include Ask Ventures, Giorgio One, Papa John's and Terence Paul.

The team on the Tanfield transaction was led by Corporate Partner, Jon Blackburn and the Peter House team was led by Property Partner, Roger Thornton, with assistance from Counsel Emily White.