Manchester Green has been sold by Barwood Capital and DB Symmetry to Squarestone Growth for £20.5m, representing a net initial yield of 8.57%.
The refurbished business park near Manchester Airport is made up of five buildings totalling 107,200 sq ft, together with 491 car parking spaces across 7.5 acres.
Tenants include WorleyParsons, Ingredion, Chiesi and Assetz SME Capital.
Barwood Capital acquired Manchester Green through its 2012 property fund in 2013. Since then it has invested £3.9m with development partner DB Symmetry to carry out a phased refurbishment.
Hugo Denée, head of acquisitions at Squarestone Growth said: “Manchester Green is an established business park in an excellent location that meets the needs of occupiers looking for well-connected out of town space in the South Manchester market. The park is a valuable addition to our high yielding regional portfolio, complementing our growth strategy towards £300m.”
Last month, Squarestone bought an industrial estate in St Helens from Network Space for £4.86m.
JLL and Whitaker Horton acted on behalf of Barwood Capital and DB Symmetry; BNP Paribas acted on behalf of Squarestone Growth.