Allied London has acquired 100% of Capital Hold Co, the holding company of Allied London Properties and its subsidiaries, having purchased majority interests from clients of Delancey and the RBS Special Opportunities Fund.
The deal was financed with debt funding from the Royal Bank of Scotland and Pramerica.
Mike Ingall, chief executive of Allied London said: "We will continue to own and manage the Manchester Spinningfields estate to maturity and expect to complete this development by the end of 2015.
"We have enjoyed our equity partnership with both Delancey and the RBS Special Opportunities Fund, but now is the appropriate time for all parties to focus on their own business strategies.
"We have established a funding partnership with Pramerica and this is now our second deal, Pramerica having provided finance for both our Leeds and Manchester projects. The support for these projects was principally through acquisition finance with provision for future capital expenditure."
Suzanne Avery, managing director real estate & sustainability, Royal Bank of Scotland Real Estate, said: "The UK market is core to our real estate finance business and we look forward to developing these relationships still further as the business continues the development of Spinningfields and expands its activities elsewhere."
The acquisition follows the formation of Allied London LLP in 2010 by directors Michael Ingall, Freddie Graham-Watson and Stuart Lyell.
Allied London LLP entities have interests in projects in Leeds as well as a joint venture set up in 2010 with Aerium, the Luxemburg fund management entity with €8bn of assets under management.
Ingall added: "We will remain committed to our current ventures, with any new projects likely to be restricted to Central London, on which front we hope to make further announcements in the first quarter of this year.
"In Leeds, we hope to start remodelling work in the spring, while at Poplar, we will continue to press on with the regeneration of the Chrisp Street area with our partners United House."
As part of the transaction, Allied London's new management company, Capital Properties UK Limited, is to be separated from the operational side of Allied London. CPUK was formed from the Spinningfields Management Company and specialises in property and facilities management. Its clients include Ask, Aviva, Aerium, IM Properties and BDO. The company has a separate management team and operates out of its own office base in Tower 12, Manchester.