Deutsche Asset & Wealth Management has acquired Two St Peter’s Square, the 160,000 sq ft office in Manchester currently being developed by Mosley Street Ventures, for £100m in an off market deal.
Laing O’Rourke is currently on site with the 11-storey block next to Argent and Greater Manchester Pension Fund’s One St Peter’s Square, on behalf of Betfred founders Fred and Peter Done’s property company.
SimpsonHaugh & Partners is the architect.
The development will total 160,000 sq ft, with 5,142 sq ft of ground floor leisure space and a two-storey underground car park for 72 vehicles.
Accountancy firm EY has agreed a 15-year lease on 41,000 sq ft within the building.
James Petit, head of real estate at Deutsche Asset & Wealth Management, said: “We are pleased to add this landmark development in prime central Manchester to our portfolio. The regional city continues to grow in stature within the UK and across Europe with strong occupational demand.”
Fred Done, director at Mosley Street Ventures, said: “We will now focus on working with the buyers in completing the construction and letting of the building by January 2017 when practical completion is anticipated.”
The Deutsche AWM real estate investment business currently holds assets under management of £4bn across the United Kingdom as of 31 March 2015.
CBRE acted for Deutsche, while Whitaker Horton represented Mosley Street.