Developed in 2003, One Piccadilly Gardens is a modern office building providing 167,369 ft² (approx. 15,500 m²) of office space, with retail and A3 accommodation on the ground floor. The purchase also includes the Pavilion, a separate building providing 2,750 ft² of retail accommodation.
The asset has been acquired in a joint venture with Paul Parkinson.
The property is fully let and boasts major occupiers in the financial and professional sectors including Bank of New York, Allianz Cornhill, Manchester City Council and King Sturge.
Europa's interest in the property is driven by the secure long-term income and the attractive off-market purchase price.
Commenting, Sandra Capan of Europa Capital, said: "One Piccadilly Gardens represents a good opportunity to acquire a modern, multi-let, office building at an attractive yield.
"Purchased off-market, the deal is in line with the Europa's strategy of identifying well-located core assets in regional cities with a strong tenant mix but still with potential for active asset management."
Europa Capital was advised by Savills.