Pictet and XLB have sold the Fourways House office building in Manchester’s Northern Quarter to Ashtrom Properties for more than £20m.
Since acquiring the 120-year-old, Grade II Listed property, Pictet and XLB have undertaken a significant repositioning programme securing a BREEAM In Use Very Good and EPC A rating on the refurbished space.
The refurbishment also supported strong rental growth, with headline tones increasing significantly during the partnership’s hold period.
Pictet and XLB intend to invest the proceeds from the sale into 35 Dale Street and The Tootal Buildings in Manchester.
Ed Jackson, head of UK – direct real estate, at Pictet Alternative Advisors, said: “we are pleased to have sold Fourways into an improving market, having achieved our business plan milestones, and passed on the building to an institutional investor.”
Guy Lewinsohn, CEO of Ashtrom Properties, added: “Manchester is one of the UK’s most exciting and fast-growing cities, and this acquisition reflects our continued belief in its long-term potential. Fourways House is a unique building with strong fundamentals and a thriving tenant community, perfectly aligned with our strategy of investing in high quality, well-located assets in major cities. We look forward to being part of Manchester’s ongoing growth story and continuing to expand our presence in this important market.”
CBRE, ACRE and CMS advised Pictet and XLB on the sale.
