Invesco Real Estate, the international property investment manager, has announced they have bought 1 New York Street from Bruntwood for a figure approaching £42m.
Toby Simon, Director of Fund Management from Invesco Real Estate said: “We are delighted to acquire this building in the heart of Manchester city centre for our dedicated UK fund. The property complements our fund profile well by focusing on strong real estate fundamentals from high quality buildings in core locations.”
Neil Harris, European Head of Asset Management for Invesco Real Estate added: “One of the aspects which we are well known for is our strong and active local asset management team, as we firmly believe this is one of the keys to ultimately delivering returns to our clients. In this regard, we look forward to working directly with the occupiers in 1 New York Street now we have acquired the building.”
Bruntwood has sold the building to enable further growth and diversification in their portfolio and this sale is a key part of their growth plans in their core cities.
Chris Oglesby, Chief Executive of Bruntwood said: “Bruntwood has grown through buying problem buildings from other companies and turning them into high quality investments. The difference in pricing between prime investment and those problem buildings has never been wider. This sale is a key part of our growth and diversification plans. We are actively looking at expanding our customer base in Manchester through significant new investment in the science and technology sectors, as well as seeking expansion opportunities in Birmingham and Leeds.”
Chris added: “We are pleased to be working with Invesco Real Estate on this transaction. They are focused on the customer and provide high levels of customer service.”
WHR Property Consultants LLP acted on behalf of IRE and Jones Lang LaSalle acted on behalf of Bruntwood.