AM alpha, a Munich based Real Estate Family Office servicing private and institutional clients, is pleased to announce that it has successfully completed the acquisition of Zenith Building, an office building in the CBD of Manchester, UK from TH Real Estate. The purchase price was undisclosed.
The building is prominently located on Spring Gardens, in the heart of the CBD just a 2 minutes’ walk from Market Street, the main high street pitch in Manchester and is highly accessible being within walking distance of Piccadilly and Victoria train stations.
The property which extends to approx. 6,900 m² over 12 floors and formerly was known as the Post Office Building was originally built in the 60’s and fully redeveloped in 2008. It was purchased by TH Real Estate in 2011 with some vacancy. It is now nearly fully occupied offering flexible office space to well-known tenants like Bet 365, Overbury, Cushman & Wakefield and Robert Half. The Post Office on the ground floor, the only retail unit in the building, is trading in the building since the beginning.
Mr. Siegmut Boehm, Managing Director of AM alpha Munich says, “Our recent successful investment in the UK regions illustrates AM alpha’s ability to execute quickly if opportunities emerge. We are very happy with the acquisition of the Zenith Building which is perfectly fitting our strategy – properties in strong inner city locations with asset management angles to benefit from in the short to medium term that deliver enhanced returns for our investors. Within Europe, the UK regions will continue to be a main focus for us and we will continue to actively seek value-oriented investments across all sectors in Western and Southern Europe also in second tier cities.”
AM alpha was advised by CBRE and Pinsent Masons, TH Real Estate by Knight Frank.
