European opportunistic fund manager Resolution Property has exchanged contracts to buy the 31,500 m2 Great Northern Warehouse retail and leisure development in Manchester.
European opportunistic fund manager Resolution Property has exchanged contracts to buy the 31,500 m2 Great Northern Warehouse retail and leisure development in Manchester.
Resolution's Fund IV is purchasing the asset from London-listed property group Capital & Regional for £71 mln (€84 mln). The deal is expected to complete at end-October.
The transaction, in which Hong Kong property company Peterson HK is a co-investor with Resolution, represents the second acquisition on behalf of Resolution Real Estate Fund IV, following its purchase in July 2013 of a 9,300 m2 former department store in Whitechapel, East London for conversion into a media hub.
It is Resolution's second co-investment with Peterson HK, following the latter's acquisition of a significant stake in the Quadrangle redevelopment in London's West End earlier this year.
The Great Northern Warehouse is a mixed-use scheme anchored by a mulitplex cinema, lifestyle retail brands, bars and restaurants, plus 1,255 parking spaces.
The acquisition gives Resolution a 3-hectare site in a prime position in Manchester, between the Beetham Tower and the Great Northern Tower. In line with Resolution’s strategy of enhancing value through creative asset management, it is exploring a number of opportunities for mixed-use refurbishment and development, to complement the existing line-up of strong retail and leisure brands already on site.
