Barings invests in speculative Manchester office scheme
Barings Real Estate Advisers is investing in a speculative Manchester office scheme.
The investment manager is developing the 180,000 sqft landmark site in the northern UK city.
The development, which will cost around £100m (€116m), is being funded by Barings on behalf of an unnamed institutional investor.
Nick Pink, head of fund management for Europe at Barings, said: “We remain selective buyers in the UK where we can identify opportunities in markets and sectors that demonstrate the right mix of cyclical and structural performance characteristics.
”We continue to look for opportunities such as Manchester across Europe to supplement our other major projects in Berlin and London.”
The scheme is due to be completed in 2019.
Castlebrooke, who originally acquired the site in 2015, will continue to act as development manager.