German investor buys First Street

Ask has sold its 20-acre First Street development in Manchester to European real estate investment company Patrizia Immobilien AG for an undisclosed sum.

The sale includes the recently completed first phase to the north of the site and future development phases. These are proposed to include 1m sq ft of offices and 500 private rented apartments. The next office building is pre-let to Gazprom.

Ask will be retained as development manager across First Street.

The site has been sold by Ask to the UK subsidiary of Patrizia Immobilien AG, a company listed on German stock exchange Deutsche Borse.

Under the deal, Patrizia acquires 180,000 sq ft office building Number One First Street, occupied by Jacobs, Auto Trader, Ford Credit Europe and Gazprom; 208-bedroom hotel operated by Melia International under its Innside brand; nine retail and leisure units, public realm.

John Hughes, managing director of Ask Real Estate, said: "As a Manchester-focused development company, we are looking forward to continuing our work on First Street with Patrizia UK to deliver the next phases of development. We are very proud of having brought the first phase of this major transformational scheme to completion in partnership with Manchester City Council, and we look forward to continuing our excellent working relationship with Manchester City Council and forging a new one with Patrizia."

JLL represented Patrizia. Ask was unrepresented.

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