DeAWM buys UK regional office for new European fund

Deutsche Asset & Wealth Management (DeAWM) has bought an office building in Manchester’s financial and commercial district for its European Property Fund.

The five-storey building, Norfolk House, comprises around 4,900 m2 and is currently let to five tenants, with one-and-a-half floors vacant. Occupants include property consultants GVA and Zurich Insurance.

The value of the transaction was not disclosed. DeAWM added it had entered into exclusive talks to acquire two similar assets elsewhere in Europe.

The Grade A office property was built in 1997 and has recently been renovated with a new main reception, communal areas and open-plan offices.

James Petit, head of real estate for the UK and Ireland at DeAWM, said: ‘Our strategy for this new fund is to buy “recovery style” assets in regional cities. We think the UK regional market offers good value and we will continue to seek similar properties for this fund.’