Ainscough offloads 40 Spring Gardens
Langtree founder Bill Ainscough has sold 40 Spring Gardens in central Manchester to Climate Change Capital for £45m, little more than a year after buying it from Langtree for less than £24m.
The sale to the London-based investment fund, which describes itself as a specialist "in the opportunities generated by the global transition to a low carbon economy", represents a net initial yield of 6%.
During Langtree's financial year ended June 2009 the 100,000 sq ft, nine-storey office was sold to Ainscough, chairman and majority shareholder in Langtree, for £387,000 cash and £23.2m in cleared debt.
Forty Spring Gardens was sold on to Climate Change Capital through Ainscough's investment vehicle Himor, managed by his son Will and based in Newton-le-Willows. Himor has around £60m of assets and plans to double its portfolio to £120m. It also owns Guildhall House in Preston.
Langtree completed 40 Spring Gardens in early 2008 and let it to Premier Food and HBOS. HBOS signed for five floors but did not take occupation of all its space and has surplus floors on the market to sublet.
Rehan Zaman, associate director of investment at CBRE in Manchester, advised Climate Change Capital. Himor was represented by Mark Williams at WHR.
