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German Fund Buys Landmark Manchester Office Investment

LONDON-In Manchester's biggest office investment deal this year, Hermes has sold 100 Barbirolli Square to DB Real Estate Investment for over pounds 52 million ($84 million). The price reflects a net initial yield of 6.5%.

By Graham Parker | Updated on August 01, 2003

LONDON-Hermes has sold the 141,479-sf 100 Barbirolli Square in Manchester to DB Real Estate Investment for over £52 million ($84 million), reflecting an initial yield of 6.5%. The deal reflects a growing trend for German investors to look beyond London at the UK’s regional office markets.

Developed in 1996, the building is considered by many to be the region’s premier office development. It is fully let to Addleshaw Goddard; Ernst & Young and NatWest Bank, with a Pitcher & Piano bar on the lower ground floor. The income is secured until 2017, with a current income of over £3 million ($4.9 million) per year.

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