Legal and General Property has confirmed its purchase of One Piccadilly Gardens in Manchester. The Grade A office building was sold for £75m and has tenants including Allianz Cornhill Insurance, Pizza Express, Caffe Nero and Pret a Manger contributing to a rental income of £4.3m per year. The vendor, Europa Capital, acquired the six-floor building in September 2011.
Mark Russell, fund manager of Legal and General Property’s Managed Property Fund, stated that One Piccadilly Gardens was chosen because it complements the company’s existing portfolio. He went on to say that, as the macro-economy continues to improve, “opportunities to increase rental tone in selective buildings will rise.”
The company was drawn to central Manchester’s high-quality transport infrastructure, as well as its “broad and vibrant amenity.”
Rob Sim, the head of Northern Europe at Europa Capital said that his firm had been pleased with its investment at One Piccadilly Gardens and referred to the building as a “high profile and well located asset.”He said that Europa Capital had added value to it through “active asset management.”
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