The Pension Protection Fund (PPF) has sold a £292m (€340m) office building to UK government-owned lender NatWest.

UK’s PPF said the sale of One Hardman Boulevard in Manchester is the largest to take place outside of London this year.

Barry Kenneth, the Pension Protection Fund’s CIO, said: “Our investment in One Hardman Boulevard has been incredibly important to us. We are constantly looking to deliver the best returns for our members and this particular investment has been a key part of our real asset strategy.”

Kenneth said by exiting at this stage, PPF is realising attractive valuation alongside the returns that “we have earned during the holding period”.

“The time left until the lease expires also meant that the asset was becoming a less effective contributor to our liability hedging strategy.

“Our investment strategy is fundamental to securing strong returns for our scheme members and this particular asset has done just that. It’s exciting to see the returns produced from this innovative part of our strategy,” Kenneth added.

PPF acquired One Hardman Boulevard in 2014.

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