US-based real estate firm Hines has signed a joint venture agreement to fund and develop a 16,500 m2 office scheme in the UK city of Manchester.
US-based real estate firm Hines has signed a joint venture agreement to fund and develop a 16,500 m2 office scheme in the UK city of Manchester.
Together with Manchester & Metropolitan Properties, Hines will develop 'Landmark', a 16,500 m2 office building located near St Peters Square in Manchester's city centre. The project will be funded by Hines, which will manage project development on behalf of the venture.
Hines said it did not intend to start developing the project speculatively, but that this standpoint would be reviewed depending on market conditions.
The development marks Hines' debut in Manchester and is part of the firm's strategy of expanding its UK presence into key regional markets. The firm has two projects under construction in partnership with Moorfield and Ballymore in Birmingham.
Anthony Leonard, director at Hines, said, 'We have been looking at opportunities in Manchester for some time and are delighted to have finally secured such a prime city centre site. Availability of quality office space will become scarce and, with few new buildings under construction, we believe there is a tremendous opportunity in Manchester to deliver new Class A space. In bringing new stock to the market in 2015 and beyond, we hope to be in a prime position to capitalise on an improving economy.'
Hines is one of the largest real estate organisations in the world, with $24.3 bn (€18.3 bn) of assets.
