Deutsche Asset & Wealth Management (Deutsche AWM) today announced that it has acquired Two St Peter’s Square, Manchester on behalf of one of its German funds in an off market transaction from Mosley Street Ventures Ltd.
Currently under construction, the best-in-class grade A office development is scheduled for completion in January 2017. Comprising over 166,000 ft² (approx. 15,400 m²), the 12 story building will include two retail units, 11 floors of office space and two levels of basement car parking. The building is designed to meet a BREEAM ‘Excellent’ rating for sustainability.
Located in the heart of Manchester’s city centre, the development forms part of a circa £180 mln (approx. €251.7 mln) upgrade of St Peters Square. This includes a complete refurbishment of the surrounding Civic buildings including the Town Hall and Central Library, and upgrade of St Peter’s Metro Link station, boosting its intra-city connectivity and accessibility.
EY, one of the big four accountancy firms, has committed to a significant pre-let in excess of 40,000 ft² (approx. 3,700 m²) on a 15 year lease term.
The Deutsche AWM real estate investment business currently holds assets under management of GBP 4 billion across the United Kingdom as of 31 March, 2015.
