Moorfield Group and Property Alliance Group have completed their first joint acquisition since forming a partnership in January 2010.
Through the Moorfield Real Estate Fund II, the pair have acquired 290,000 sq ft office park The Towers in Didsbury, south Manchester for £47m from Wereldhave. The price reflects a yield of 8.5%. Dutch investor Wereldhave paid Hermes £83m for the park in 2005.
Property Alliance Group will be Moorfield's property management partner. The Towers' occupiers include British Airways, John Lewis, Vodafone and Cisco. The estate consists of nine office buildings set in 19 acres of landscaped grounds. The new owners plan to undertake a comprehensive refurbishment programme throughout the estate including extensive landscaping works.
Marc Gilbard, chief executive of Moorfield Group, said: "The partnership has worked hard over the last 24 months to find the right opportunities to acquire in the North West. We are confident in this asset's potential to become an even more successful and desirable location following our focus on building and site improvements, satisfying current and future occupier demand and requirements."
Dominic Pozzoni, director, Property Alliance Group, added: "Our focus has always been on building relationships and partnerships with agents, occupiers and strategic joint venture partners and this off-market acquisition confirms the hard work put in by all involved. We believe we have acquired the right investment for our partnership with Moorfield, offering substantial potential to improve and enhance the value of the estate. The Towers has it all; the location, ample amenities, strong existing occupiers and the ability to expand in its use and appeal for further occupiers. Property Alliance Group's core strengths are our established brand of quality design with competitive pricing, supported by the long-standing relationships with tenants."
The Towers will benefit when the new Didsbury Metrolink tram line opens in 2013.
WHR Property acted on behalf of Moorfield and Property Alliance Group and Jones Lang La Salle acted for the vendor.