Real estate investment manager Invesco Real Estate has agreed to buy 1 New York Street, a BREEAM Excellent-rated office property in central Manchester, from local office property firm Bruntwood for £42 mln (EUR 50 mln). The asset is earmarked for the £150 mln Invesco Real Estate - UK III Fund.
Real estate investment manager Invesco Real Estate has agreed to buy 1 New York Street, a BREEAM Excellent-rated office property in central Manchester, from local office property firm Bruntwood for £42 mln (EUR 50 mln). The asset is earmarked for the £150 mln Invesco Real Estate - UK III Fund.
1 New York Street was constructed in 2009 and is a 108,670 sq ft (10,000 m2) Grade A office property with 4,065 sq ft of ground floor retail space and underground parking. Major tenants include ADT Fire and Security, Marks and Clerk and CNA Insurance Company.
'In our view, the Manchester office market is regarded as one of the UK's strongest regional markets, with strong underlying tenant demand and continuing investment interest from both domestic and international investors,' said Toby Simon, Invesco Real Estate's director of Fund Management.
The deal marks the fourth acquisition for Invesco's third UK fund investing German-speaking institutional investors' capital into the UK real estate markets.
WHR Property Consultants acted on behalf of IRE and Jones Lang LaSalle acted on behalf of Bruntwood.
