Deka Immobilien GmbH has purchased One St Peter’s Square in Manchester for €189m (£164m). This first-class office building was previously jointly owned by the Greater Manchester Property Venture Fund and the British property developer and manager Argent. The property will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
The multi-tenant building was completed in September 2014 and offers around 26,000m² of leasable space on 14 stories and 65 underground car parking spaces. The main tenant is the audit and advisory company KPMG. One St Peter’s Square’s highly visible locationon St. Peter’s Square is situated at the southern end of the Central Business District, directly across from the historic City Library and Town Hall. The property has received British BREEAM “excellent” certification for sustainable construction.
This investment allows fund management to make an addition to WestInvest InterSelect’s portfolio in line with its strategic target allocation. The current market situation was taken into account in the price of the property, which was Deka's first purchase following the Brexit referendum. After London, Greater Manchester is the most important economic area in the United Kingdom and the largest regional office market.
