Hermes Real Estate has been named as The Co-operative Group's joint venture partner on the UK's biggest regional redevelopment project, the £800 mln (€965 mln) Noma scheme in Manchester city centre.
Hermes Real Estate has been named as The Co-operative Group's joint venture partner on the UK's biggest regional redevelopment project, the £800 mln (€965 mln) Noma scheme in Manchester city centre.
The Co-operative and Hermes Real Estate are 50/50 partners on the development of the 20-acre mixed-use scheme.
The partnership will develop the buildings and land within Noma to deliver a new mixed-use district in Manchester city centre. Completion of the deal is expected in mid-May.
'Together The Co-operative Group and Hermes Real Estate have a shared belief in what Noma can deliver and over the next 10 years we plan to create a new neighbourhood, designed to meet the needs and aspirations of modern businesses with a real community at its heart,' said David Pringle, director of Noma.
Chris Taylor, CEO of Hermes Real Estate, added: 'This is consistent with our UK strategy of investing in commanding sites within major urban areas that combine the benefits of improved infrastructure, regeneration, enhanced public realm, proximity to major retail and leisure facilities and which, ultimately, provide a sustainable place for people to work and live.'
JLL acted for Hermes Real Estate, while Colliers represented The Co-operative Group.
