Award Winning Office Dev. Sold - ￡105m
An award-winning office development in Manchester has been snapped up for ￡105m.
101 Embankment is the new head office of insurance business Swinton, which has been let on a ten-year term. The premises include a 442 space car park, let to Q-Park on a separate 35-year term. The leases include guaranteed rental increases.
M&G Real Estate has acquired the property at a net initial yield in excess of 5.3 per cent. The acquisition is a three-party joint venture made on behalf of its Capital Solutions business headed by Martin Towns. Full article at: https://goo.gl/vk2eaB