Office complex Exchange Quay in Greater Manchester has been acquired by a North American institution in a deal completed by its adviser, Edinburgh-based Hunter Property Fund Management (HPFM).
Office complex Exchange Quay in Greater Manchester has been acquired by a North American institution in a deal completed by its adviser, Edinburgh-based Hunter Property Fund Management (HPFM).
Financial details were not disclosed.
The deal will bring about a further investment of £10 mln (€12 mln) into comprehensively remodelling and refurbishing the scheme, which was developed in the early 1990’s.
Often hailed as the ‘Canary Wharf of the North’, the 433,637 sq ft (40,000 m2) scheme comprises six extensive office buildings ranging from 26,151 sq ft to 116,684 sq ft.
'Our brief was to source a project within the UK with immediate asset management opportunities and real potential to add value. As one of the country’s most dynamic office markets, Greater Manchester was an obvious choice,' commented Mark Hunter, managing director of Hunter Property Fund Management.
HPFM was represented by Matthews & Goodman in the deal, while Savills acted for the vendor, a Channel Islands-based Trust.
