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."

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