Adanola founder acquires listed NOMA estate for around £65m

Having already bought Dantzic and Federation, the property company run by Hyrum Cook is close is understood to have completed a deal with landlord Federated Hermes for the rest of the buildings at the 20-acre Manchester business park.

fashion mogul Cook, who is the founder Manchester-based of ath-leisure brand Adanola, has continued ACLO’s recent Manchester workspace spending spree by investing around £65m on another four buildings at NOMA, Place North West understands.

The deal includes Hanover, which is home to Amazon’s Manchester HQ, the 96,000 sq ft Old Bank, the art deco Redfern, music venue New Century, and New Century House, earmarked for a hotel.

Federated Hermes became involved in NOMA in 2014 and has owned the scheme outright since 2017 when it bought the Co-op out if its 50% stake in the JV.

The ACLO deal would give Federated Hermes an exit on the legacy estate but would see the landlord retain control of future development plots for more office buildings. Planning permission is in place for around 450,000 sq ft office space across two buildings opposite One Angel Square.

CIS Tower, 4 Angel Square, and One Angel Square are not part of the deal as they are already in separate ownership. MCR Property Group took control of CIS Tower earlier this year, 4 Angel Square was bought by tenant BNY Mellon, and One Angel Square, home to the Co-op, was bought by ArioMori for £137m in 2023.

Sixteen is advising ACLO on the acquisition and JLL is acting for Federated Hermes.

All parties were contacted for comment.