Wereldhave NV has reached agreement with British property investor and fund manager Hermes to buy Towers Business Park in Manchester for £83m. The net initial yield amounts to 6.25%. The transaction, which will be completed today, is financed by dept.
Towers Business Park, located between the city center of Manchester and Manchester Airport, extends to a total of 27,084 m², arranged in nine office buildings in a landscaped setting. The total site extends to 7.65 ha, providing car parking for 972 cars. The business park is let to excellent covenants including British Airways, Cisco, Logica, Honeywell, Abbey National, Thorn and Regus.