Operating to a tight timescale, the Morton Fraser team provided full pre-acquisition property diligence and will manage the asset for Rockspring going forward following this off market purchase from The Carlyle Group.
Tanfield represents the third major transaction that Morton Fraser has handled for Rockspring over recent months, including the acquisition of Glasgow’s Guildhall for c.£29m in September for their UK Value 2 Fund and the c.£260m sale of its ‘Tiger’ portfolio of regional shopping centres.
Elspeth Carson, Real Estate Partner at Morton Fraser said:
“The Tanfield purchase demonstrates the breadth of expertise within the Morton Fraser team to deal with complex, high value assets and our ability to act quickly and commercially on behalf of our clients.
“This is the third major investment deal that we have completed for Rockspring recently and continues the Firm's track record of involvement in top quality investment work within the Scottish market.”
Richard Bains, Partner at Rockspring added:
“Tanfield provides us with a robust cash flow and the opportunity to add value through leasing up of the existing space and facilitating tenant expansion.”
Morton Fraser’s team, led by Elspeth Carson and David Stewart included Jonathan Seddon and Caroline Docherty (leading respectively on construction and planning diligence).