Eurohypo backs 3 Hardman Street purchase

Eurohypo AG, part of the German Commerzbank Group, provided £122.75m in financing to Ærium for the purchase of 3 Hardman Street in Spinningfields, Manchester.

Completed in 2009, the 393,000 sq ft building is 93% let to tenants including M&S, lawyer Pinsent Masons, Bank of New York Mellon, and accountant BDO Stoy Hayward.

The deal is the fourth in a year by Luxembourg fund manager Ærium on behalf of its Glenn Arrow UK Property Fund. Eurohypo is the agent and sole underwriter of the facility.

Michael Acratopulo, head of origination at Eurohypo in the UK, said: "We are delighted to be supporting Ærium, which is a long standing client of the bank, in their latest UK acquisition. This deal clearly demonstrates Eurohypo's ongoing commitment to new lending in the UK as well as its ability to underwrite large tickets and support professional investors on regional transactions."

Franck Ruimy, chief executive of Ærium, added: "We are pleased to add 3 Hardman Street to our portfolio of high-quality, income producing properties. It is thanks to Eurohypo's property finance expertise and its ability to underwrite large transactions that we are able to take advantage of such great opportunities in the market."

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