Aberdeen Property Investors, on behalf of a pension fund client, has paid £18.83m for Acresfield in Manchester city centre.
The 51,685 sq ft was sold by Schroders, advised by CB Richard Ellis. The building on St Ann's Square is multi-let to office tenants and retailers, including Links of London, Fat Face, Henry Lloyd and Camper, and produces an annual rent of £1.39m.
Craig Barton, investment director at DTZ, who advised API, said: "Acresfield is a quality retail and office building in the heart of the city centre and provides a good mix of secure income and asset management opportunities for the fund to leverage from, particularly in view of future constraints in retail and office development supply in the city."
Schroders was acting on behalf of SEPUT.