CBRE Global Investors has completed two acquisitions in Manchester in the UK on behalf of separate account clients.
CBRE Global Investors has completed two acquisitions in Manchester in the UK on behalf of separate account clients.
The transactions, totalling £47.5 mln (€57 mln), are part of a wider active management strategy adopted by CBRE Global Investors which is focused on diversifying into good quality assets outside London.
The fund management company has acquired the Circus hotel and leisure complex located in the heart of Manchester on Oxford Street and Portland Street. The investment volume of £24.5 mln will yield 5.7% per annum, CBRE Global Investors said. The 2001 development is anchored by a Premier Inn hotel adjacent to St Peter’s Square, an area undergoing significant regeneration. The property contains a hotel, casino and four retail/ leisure units that are currently let to tenants including Whitbread, JD Wetherspoon and Boots UK.
Parkdales acted for CBRE Global Investors and CBRE for the seller.
CBRE Global Investors said it acquired Tower 12 for just over £23 mln. Tower 12 is a 6,500 m2 mixed-use property occupying a prime position at the northern access point to Spinningfields. The property was comprehensively redeveloped in 2012 and provides leisure accommodation over ground, first, second and top floors with seven floors of Grade A office accommodation and two retail outlets let to Costa and Waitrose. The leisure element is let to four independent operators and the offices multi-let to 11 tenants.
Spinningfields consists of 427,000 m2 of mixed-use accommodation and forms an important extension to the west of Manchester’s CBD. CBRE acted for CBRE Global Investors and OBI for the seller.
Michael Ness, head of UK at CBRE Global Investors, said: 'Manchester has experienced significant investment over the last 10 years and presents strong growth opportunities. These transactions reflect CBRE Global Investors’ active investment management strategy in good quality assets outside London.'