UK-focused Schroder Real Estate Investment Trust (SREIT) has bought St Ann’s House, a mixed-use office and retail asset in Manchester.
The London-listed investment firm has invested £14.7m (€17.3m) to buy the 51,885sqft building.
The asset comprises 40,277sqft of office space over five upper floors with five retail units at the ground floor level and ancillary basement space.
Nick Montgomery, fund manager of Schroder Real Estate Investment Trust, said: “This acquisition is in line with the strategy to selectively acquire income-producing assets with good fundamentals and the potential to add value through active asset management initiatives, with a focus on improving sustainability credentials.
“Compared to other major cities, Manchester, which is one of the Company’s high conviction locations, currently has the lowest office vacancy rate, and we expect relatively higher growth in office rents over the next five years.”
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