Munich family office AM Alpha has completed the acquisition of Zenith Building, an office property in the central business district of Manchester.
AM Alpha said it was the first acquisition for a new vehicle that is funded by institutional and private money.
The vendor was TH Real Estate. Financial details were not disclosed.
Zenith Building is located on Spring Gardens, in the heart of the CBD just two minutes' walk from Market Street, the main high street in Manchester and a short distance from Piccadilly and Victoria train stations.
The property comprises 6,900 m2 over 12 floors and was formerly known as the Post Office Building, originally built in the 1960s and fully redeveloped in 2008. It was purchased by TH Real Estate in 2011 with some vacancy.
Zenith Building is now nearly fully occupied, offering flexible office space to tenants like Bet 365, Overbury, Cushman & Wakefield and Robert Half. The Post Office on the ground floor, the only retail unit in the building, has been trading in the building since the beginning.
Siegmut Boehm, managing director of AM Alpha Munich, said the deal fits its strategy of acquiring properties in strong inner-city locations with asset management angle. 'Within Europe, the UK regions will continue to be a main focus for us and we will continue to actively seek value-oriented investments across all sectors in Western and Southern Europe also in second-tier cities,' he added.
AM Alpha was advised by CBRE and Pinsent Masons, TH Real Estate by Knight Frank.
