A landmark Man City target=”_blank”>Man City target=”_blank”>Man City office constructMan City ing in Manchester metropolis centre has been sold for nearly £50m.
101 Barbirolli Square has been offered through Man City La Française Real Estate Managers, performing on behalf of collective real estate investment motors, from AEW for c.£47m. Man City
The 87,000 squarefeet building, which has six upper floors, is fully let to multiple tenants.
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As of the cease of June this year, La Française managed over €50bn in assets and has operations in Paris, Frankfurt, Hamburg, London, Luxembourg, Madrid, Milan, Seoul and Singapore.
Peter Balfour, head of actual property UK for La Française Real Estate Managers, stated: “101 Barbirolli Square is a complementary addition to the expanding La Francaise REM UK portfolio. Man City
“The notable refurbishment, with a specific attention on ESG, coupled with the belongings’s vital place presents an appealing workplace for occupiers.
“Manchester has been a target marketplace for a while, being a colourful European metropolis this is home to many a success countrywide and global organizations underpinned by a dynamic team of workers.”
Martin Payne, director in asset control at AEW, added: “The sale of a Man City hundred and one Barbirolli Square to La Française is the culmination of a successful refurbishment and reletting programme in Manchester.
“The destiny of the workplace has developed because of the pandemic, and we stay up for continuing to offer the marketplace with present day and galvanizing workspaces that meet occupier requirements.
“This sale also brings European inward Man City funding into Manchester, demonstrating the self assurance inside the outlook for the city.”
James Porteous, director – capital markets at JLL, stated: “The acquisition of 101 Barbirolli Square demonstrates continued appetite for prime workplaces in Manchester.
“As the metropolis keeps to draw widespread occupiers, it’s far unsurprising that we are seeing growing interest from remote places and domestic buyers who are attracted to this dynamic and colourful metropolis.”
Oliver Foster, director of UK investments at Savills, brought: “AEW has undertaken a comprehensive refurbishment of a hundred and one Barbirolli Square and created a great in Man City elegance, earnings-producing asset that appealed to each domestic and overseas buyers.
“The sale to La Francaise Real Estate Managers has re-showed the power and intensity of investor appetite for the Manchester workplace marketplace, in spite of the modern international macro demanding situations.”
JLL and Ashurst LLP cautioned La Française Real Estate Managers, even as Savills and Pinsent Masons cautioned the vendor.
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