Aviva Investors, the global asset management business of Aviva, has completed the £45 mln (€52 mln) forward funding of a hotel and multi-storey car park in Manchester's Circle Square development.
Covering a total area of 432,311 ft2 (40,100 m2), the development at Plot 14 will feature a 158-bed hotel and multi-storey car park for 1,014 vehicles. Both projects have been let for an initial term of 25 years and 35 years respectively.
John Osborn, director, real estate at Aviva Investors, said: 'Manchester is one of our core cities within our UK real estate strategy, which focuses on investments in durable, high-quality real estate assets in strong economic locations.
'Occupying a prime location in Manchester city centre, Plot 14 is situated on a prominent site within the Circle Square development, which we expect to provide our portfolio with a strong source of long-term, inflation-linked income for investors.'
'We’re pleased to have agreed a funding deal with Aviva Investors for the new car park and hotel at Circle Square, which represents a major step forward for both this building and the place as a whole,' said Chris Roberts, chief development officer at Bruntwood, developers of Circle Square.
The multi-storey car park and hotel are scheduled for completion in August 2020.
Christopher Dee LLP acted as advisor to Aviva Investors and Addleshaw Goddard as legal advisors to Bruntwood.
