LPPI acquires WPP’s Manchester HQ for around £45m
Aviva Investors has sold the 92,000 sq ft Globe Building at St John’s to Knight Frank Investment Management on behalf of Local Pensions Partnership Investments.
Let to global advertising agency WPP until around 2035, the building forms part of Allied London’s Enterprise City at St John’s, funded by Aviva.
It is understood the purchase price was in the region of £45m.
Lendlease completed the nine-storey building in 2022. It sits off New Quay Street at the northern entrance to St John’s on part of the former Granada estate previously occupied by the Globe and Simpson motor works.
Emma Gullifer, portfolio manager at Knight Frank Investment Management, said: “The Globe is a strong addition to the portfolio, combining a prime Manchester location with opportunities to create value through active asset management. The building is well positioned to benefit from demand for well-located office space offering modern amenities combined with strong ESG credentials.”
Louise Warden, head of real estate and indirect infrastructure at LPPI, said: “We are pleased to add The Globe to the LPPI Real Estate Fund. The acquisition supports our aim of building a resilient portfolio that delivers long-term returns for our partner funds, and we look forward to continuing our partnership with KFIM.”
Knight Frank advised KFIM on the acquisition, and CBRE advised the vendor
CBRE acted for Aviva and Knight Frank advised KFIM.
