Privately owned real estate family office AM alpha, acting on behalf of a Hamburg-based pension fund manager, has acquired the 196 Deansgate office property in central Manchester, UK.
The seller is Commercial Estate Group (CEG). The parties agreed not to disclose the purchase price.
The almost fully let property consists of 5,900 m2 of usable floor space, spread over a basement, ground, and five upper floors.
The building has been extensively refurbished in recent years and now offers high-quality open-plan, mostly Cat-B offices that can be flexibly subdivided.
Martin Lemke, managing director of AM alpha, said: ‘As an independent family office, AM alpha can invest anti-cyclically. We are specialised in finding imbalances in the market and turning them into opportunities to achieve above-average returns for our investors, especially in a challenging market environment. This transaction shows again that AM alpha is an expert in executing complex investments. We will continue to grow our portfolio in the UK's dynamic growth regions.’
The Grade II listed property was built in 1904 in the Edwardian Baroque style by Charles Heathcote, one of Manchester's most respected architects.
The asset is located near Spinningfields, a lively and established office district, offering plenty of growth potential, and boasting a diverse gastro and entertainment scene.
Cushman & Wakefield and CMS advised AM alpha on the transaction.
