M&G adds to Spinningfields holdings

M&G Real Estate has bought 3 Hardman Square in Manchester for £91.7m, a 5.8% yield.

The 178,500 sq ft block was sold by Credit Suisse Asset Management. Tenants include World Pay, TLT and i2 Office.

The neighbouring building, 4 Hardman Square, was sold to Orchard Street Investment Management in December for £31m, a 4.95% yield.

In June M&G acquired two former Matrix Securities assets, 1 Hardman Boulevard and 1 Spinningfields Square, for £320m. The properties total 500,000 sq ft.

The acquisition of 3 Hardman Square was on behalf of the M&G Property Portfolio. M&G was represented by Lewis Ellis. Knight Frank acted for Credit Suisse.

The eight-storey building was formerly occupied by law firm Halliwells. The top floor plus two lower half floors are available to let.

Alex Jeffrey, chief executive of M&G Real Estate, said: "Our first purchase of 2015 in Manchester reflects our ongoing strategy to reposition our portfolios adding more quality stock.

"Over the past two years M&G Real Estate has been one of the most active participants in the property market as our clients have allocated more capital to the sector."

Your Comments

Read our comments policy here

Subscribe to our newsletter