One Piccadilly Gardens sold in £67m deal

Europa Capital LLP has acquired One Piccadilly Gardens and the Pavilion in Manchester from a private Irish investor for £67m in a joint venture with Paul Parkinson.

Developed in 2003, the office building covers 167,369 sq ft and was purchased on behalf of Europa Fund III.

The Pavilion is a separate building providing 2,750 sq ft of retail accommodation.

The property is fully let to occupiers in the financial and professional sectors including Bank of New York, Allianz Cornhill, Manchester City Council and Jones Lang LaSalle.

Europa's interest in the property was driven by the "secure long term income and the attractive off market purchase price".

Sandra Capan, from Europa Capital, added: "One Piccadilly Gardens represents a good opportunity to acquire a modern, multi-let, office building at an attractive yield. Purchased off-market, the deal is in line with the Europa's strategy of identifying well-located core assets in regional cities with a strong tenant mix but still with potential for active asset management."

Europa Capital was advised by Savills.

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