The £41m acquisition of 100 Barbirolli Square in Manchester by Moorfield Real Estate and Oaktree Capital Management has been completed.
Scottish Widows Investment Partnership has sold the building on behalf of Barbirolli Square Limited Partnership.
The 140,000 sq ft office building is let to DLA Piper, Ernst & Young and Addleshaw Goddard.
It forms part of the Barbirolli Square development.
Built in 1997, 100 Barbirolli Square comprises 135,000 sq ft of office accommodation across large flexible floorplates throughout the ground and eight storeys.
In addition, there is a 5,200 sq ft restaurant at the lower ground floor and secure basement parking for 141 cars.
The investment is the first collaboration between Moorfield Group and Oaktree Capital Management.
Under the terms of the joint venture, Moorfield will undertake the asset management role.
Moorfield chief executive Marc Gilbard said: “The acquisition is the first for Moorfield Real Estate Fund III, which held its first close in April this year.
“The purchase of this high quality office scheme in the heart of Manchester boosts our regional office portfolio.
“100 Barbirolli Square provides us with an opportunity to engage with high quality tenants to improve income profiles and enhance value.”
Oaktree Capital Management senior vice president David Snelgrove said: “100 Barbirolli Square is a landmark asset in Manchester’s city centre and should benefit from ongoing re-generation of the immediate vicinity. We look forward to working with Moorfield to implement the business plan.”
James McLean, investment director in SWIP’s real estate team, said: “The disposal of 100 Barbirolli Square allows the partners of the Barbirolli Square Limited Partnership to pursue their individual Fund strategies and reconfigure their portfolios accordingly.
“SWIP’s Real Estate team continues to look to identify opportunities throughout the UK and is actively looking to acquire assets in the second half of 2013.”
WHR acted on behalf of Moorfield and Oaktree and Jones Lang LaSalle advised SWIP.