UK - The HSBC Pension Fund has sold Wilmslow Park in central Manchester to Legal & General (L&G) Property's Managed Fund.
The city centre asset provides more than 53,000 square feet of mixed-use space and was sold for £17.3m (€19.5m) at an initial yield of 6.75%.
Wilmslow Park contains fully let retail and leisure accommodation, as well as offices and car parking spaces, however the area is dominated largely by student housing as it is close to both the University and Central Manchester University Hospital's Campus.
The office element and car park are currently let to the local NHS Trust, which accounts for 50% of the total income.
Retail tenants include Tesco, Superdrug, J D Wetherspoon, Lidl, Subway, Caffé Nero, Barracuda Group and Blockbuster Entertainment.
"This mixed-use acquisition provides us with both an excellent location and a high quality tenant base, which is ideally suited to its local catchment area," said Charlie Walker, senior fund manager of the Managed Property Fund at L&G Property.
"The asset is an ideal purchase for the Managed Fund and provides an attractive level of income return and the opportunity to enhance value through active management."
HSBC Pension Fund was advised by Whitaker and Horton and L&G Property was represented by Savills.