Funds spend £78m on Spinningfields offices
Legal & General's UK Property Unit Trust has sold 2 Hardman Street at Spinningfields in Manchester to German fund manager Hansainvest for £57m.
Legal & General bought the 157,364 sq ft sq ft building from developer Allied London for £86m in 2006.
The sale represents a yield of 6.75%. Hansainvest is the fund management arm of German insurance group Signal Iduna.
Meanwhile, in a separate purchase, BP Pension Fund has bought 4 Hardman Street from Aviva Investors Property Fund for £21m, equivalent to a 6.95% yield.
BP Pension Fund join Grant Thornton and HSBC at the 53,000 sq ft office block.
Aviva bought both 3 and 4 Hardman Street for £140m from Allied London in September 2006.
Both BP Pension Fund and Hansainvest firms paid cash, except Hansainvest did use a small amount of debt to secure the deals.
CB Richard Ellis advised Hansainvest, while King Sturge represented Legal & General on the sale of 2 Hardman Street.
King Sturge acted on behalf of Aviva and Christopher Dee represented BP Pension Fund.
