Orchard Street Investment Management, the three-year-old fund manager chaired by former Haslemere chief executive Chris Bartram, has agreed a £50m deal to forward fund Wilson Bowden's Belvedere office scheme in Manchester.
OSIM agreed an incentivised package with Wilson Bowden to fund the 103,000 sq ft scheme, which completes in autumn 2008, on behalf of a large UK pension fund client.
Bartram said: "One hundred percent of the funding for the scheme is being provided against a flexible final price arrangement whereby the success of the letting campaign will define the total purchase cost."
Belvedere is a speculative, eight-storey building designed by Aedas on Booth Street and has yet to attract its first letting.
Jones Lang Lasalle advised Wilson Bowden and OSIM was represented by Sanderson Weatherall. WHR and JLL are retained as letting agents.