German investment fund Deka has acquired the Belvedere office building in Manchester for its WestInvest ImmoValue fund from Orchard Street Investment Management LLP.
Orchard Street held the asset in a fund managed on behalf of Railway Pension Nominees. The 104,000 sq ft Booth Street office building, designed by Aedas, was completed in 2009.
Belvedere was popular with occupiers and let relatively quickly following completion. Tenants include Savills, CBRE, Watson Wyatt, Marsh Corporate Services, Arrow Global. Ground floor retail units were let to Paragon Interiors and Steelcase.
The financial terms of the off-market deal were not disclosed but agents estimate a price in excess of £40m, representing a net initial yield of close to 6%.
CBRE advised Deka.