Beech sells Manchester portfolio for £39m
The developer’s property and letting division has sold four assets in the city centre to Saudi Arabia-based investor Cedar Tree.
The four properties include a total of 163 apartments and are the grade two-listed Basil House at 105-107 Portland Street; Salisbury House at 123 Princess Street; 51 King Street; and 341 Great Western Street.
The property on King Street has a retail unit on the ground floor, let to Patagonia. At Salisbury House, the property contains 98 apartments, while the asset at Great Western Street is a residential development in Rusholme.
Funding for the investment was secured from the UK arm of Abu Dhabi Islamic Bank.
Cedar Tree is managed by AIMS Investments, one of Saudi Arabia’s largest private and public equity investors. Abdulaziz Albassam, the investor’s chief executive, said: “The acquisition of this portfolio of high-quality assets, located in prime locations within a major regional market, is an important step towards realising the investment strategy for Cedar Tree Investments in the UK. We remain committed to establishing a sizeable portfolio in the UK over the coming two to three years.”
A Beech spokesperson said: “These apartments have been well received by the rental market and have been massively over-subscribed. We have proven that Manchester’s appetite for high end, luxury apartments is strong and Manchester Apartments has been instrumental in changing the landscape of our city centre and being at the forefront of bringing super premium products to the city.
“Manchester Apartments is delighted to be retaining the letting and property management of the buildings and looks forward to building a strong long-term partnership with the new landlord.”
Knight Frank advised on the deal.
