The Pension Protection Fund (PPF) has closed on a sale of One Hardman Boulevard in Manchester. The deal, which was brokered by CBRE, is the largest to take place outside of London this year, with a purchase price of €348m (£292m). The office, which is in the city’s Central Business District, has been purchased by NatWest Group. It offers 350,000ft² and was completed in 2004. The building includes nine floors, as well as two basement levels.
Barry Kenneth, Chief Investment Officer, The Pension Protection Fund commented: “Our investment in One Hardman Boulevard has been incredibly important to us. We are constantly looking to deliver the best returns for our members and this particular investment has been a key part of our real asset strategy. By exiting at this stage, we’re realising attractive valuation alongside the returns that we have earned during the holding period. The time left until the lease expires also meant that the asset was becoming a less effective contributor to our liability hedging strategy. Our investment strategy is fundamental to securing strong returns for our scheme members and this particular asset has done just that. It’s exciting to see the returns produced from this innovative part of our strategy.”
