German fund manager Deutsche Asset & Wealth Management (DeAWM) has bought a prime office site in Manchester for a reported £100 mln (€140 mln).
German fund manager Deutsche Asset & Wealth Management (DeAWM) has bought a prime office site in Manchester for a reported £100 mln (€140 mln).
The grade A development at Two St Peter’s Square, which is currently under construction, was acquired in an off-market transaction from Mosley Street Ventures. UK trade publication Property Week put the investment volume at £100 mln.
The 12-storey building is due to be completed in 2017 and will have around 15,000 m2 of office space on 11 floors, two retail outlets and a two-level basement car park.
Accountancy firm EY has signed a 15-year lease to occupy around a quarter of the office space.
James Petit, head of real estate UK and Ireland at DeAWM, said Manchester ‘continues to grow in stature within the UK and across Europe, with strong occupational demand’.
The development is part of a £180 mln refurbishment of St Peter’s Square, which also houses the Town Hall and Central Library. In July Deka Immobilien agreed to buy One St Peter’s Square, which was completed earlier this year, from a joint venture between Argent and the Greater Manchester Property Venture Fund, for a price in excess of £130 mln.