Printworks sells for £100m

Printworks, the 365,000 sq ft leisure complex in Manchester city centre, has been bought in an off-market deal by Resolution Property for £100m.

The sale follows an on-off marketing period since last May by joint owners British Airways Pension Trustees and a Pearl Group-managed fund.

The owners had initially sought £120m for 75% but the marketing was halted last autumn after the credit crunch hit financial markets.

Resolution agreed to buy the entire stock and exchanged on Christmas Eve. The value reflects a net initial yield of 5.65%, equivalent yield 5.8%. The vendors will retain the adjoining transport interchange.

Printworks tenants include Odeon, Hard Rock Café and Tiger Tiger.

Davis Coffer Lyons and CWM advised Resolution. Morgan Williams advised the vendors.

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