A landmark office building in Manchester city centre has been sold for almost £50m.
101 Barbirolli Square has been bought by La Française Real Estate Managers, acting on behalf of two collective real estate investment vehicles, from AEW for c.£47m.
The 87,000 sq ft building, which has six upper floors, is fully let to multiple tenants.
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As of the end of June this year, La Française managed over €50bn in assets and has operations in Paris, Frankfurt, Hamburg, London, Luxembourg, Madrid, Milan, Seoul and Singapore.
Peter Balfour, head of real estate UK for La Française Real Estate Managers, said: "101 Barbirolli Square is a complementary addition to the expanding La Francaise REM UK portfolio.
"The high-quality refurbishment, with a particular focus on ESG, coupled with the property’s central location provides an attractive workplace for occupiers.
"Manchester has been a target market for some time, being a vibrant European city that is home to many successful national and international companies underpinned by a dynamic workforce."
Martin Payne, director in asset management at AEW, added: "The sale of 101 Barbirolli Square to La Française is the culmination of a successful refurbishment and reletting programme in Manchester.
"The future of the office has evolved as a result of the pandemic, and we look forward to continuing to provide the market with modern and inspiring workspaces that meet occupier requirements.
"This sale also brings European inward investment into Manchester, demonstrating the confidence in the outlook for the city."
James Porteous, director – capital markets at JLL, said: "The acquisition of 101 Barbirolli Square demonstrates continued appetite for prime offices in Manchester.
"As the city continues to attract significant occupiers, it is unsurprising that we are seeing increasing interest from overseas and domestic buyers who are attracted to this dynamic and vibrant city."
Oliver Foster, director of UK investments at Savills, added: "AEW has undertaken a comprehensive refurbishment of 101 Barbirolli Square and created a best in class, income-producing asset that appealed to both domestic and overseas investors.
"The sale to La Francaise Real Estate Managers has re-confirmed the strength and depth of investor appetite for the Manchester office market, despite the current global macro challenges."
JLL and Ashurst LLP advised La Française Real Estate Managers, while Savills and Pinsent Masons advised the seller.
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