Hines completes £85m Royal Exchange purchase

The investor has completed the acquisition of the 280,000 sq ft block overlooking Manchester’s St Ann’s Square, and has immediately rung the changes, with Savills chosen to replace MJ Mapp as building manager.

The grade two-listed building has been bought from Trinistar, a joint venture between Trinity Asset Management and Starwood Capital.

Trinistar paid M&G Real Estate £45m for the island site in April 2014, and has since carried out a phased £15m improvement programme.

Hines’ acquisition is on behalf of German public sector pension fund Bayerische Versongungskammer.

The complex includes a 700-seat national theatre, 120,000 sq ft of offices and 100,000 sq ft of retail. Gary Scorah’s Commercial Properties represented Trinistar and GVA acted for Hines.

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