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Legal & General Acquire Central Manchester Office Space

Legal & General Acquire Central Manchester Office Space

The Property Fund of Legal & General has acquired over 12,000 sq. ft. of office space in Central Manchester as part of a £17.3M deal with HSBC Pension Fund.

Located in the popular Wilmslow Road area, which is very close to both Manchester University and Central Manchester University HospitalΓÇÖs Campus, the office space forms part of the 53,375 sq. ft. deal that also includes retail and leisure accommodation.

ΓÇ£This mixed-use acquisition provides us with both an excellent location and a high quality tenant base, which is ideally suited to its local catchment area.ΓÇ¥ Explained Charlie Walker, Senior Fund Manager of the Managed Property Fund.

ΓÇ£The asset is an ideal purchase for the Managed Fund and provides an attractive level of income return and the opportunity to enhance value through active management.ΓÇ¥

Retail tenants on the site include Tesco, Superdrug, J D Wetherspoon, Lidl, Subway, Caffé Nero, Barracuda Group and Blockbuster Entertainment while the office space element of the deal includes parking facilities for 351 cars and is currently let to the local NHS Trust.

Author: | July 26, 2010 | 0 Comments

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