The LPPI Real Estate Fund has acquired The Globe office building located in Manchester’s Enterprise City for an undisclosed price.
The 91,840 sq ft building, which was completed in 2022, provides Grade A office space across the ground and eight upper floors, together with a ground floor retail unit and a 6,642 sq ft panoramic roof terrace. The building has achieved a BREEAM Excellent rating.
Emma Gullifer, portfolio manager at Knight Frank Investment Management, which acted for the LPPI Real Estate Fund on the deal, said: “The Globe is a strong addition to the portfolio, combining a prime Manchester location with opportunities to create value through active asset management. The building is well positioned to benefit from demand for well-located office space offering modern amenities combined with strong ESG credentials.”
John Styles, chief investment officer at Knight Frank Investment Management, added: “This deal represents the execution of a strategy we are currently applying across our balanced portfolios to gain exposure to the prime regional office market where pricing is attractive against the risk-free rate and borrowing costs. With occupier demand focused on high-quality space and cost constraints on new development we expect rental growth to continue in the medium term.”
Louise Warden, head of real estate and indirect infrastructure at LPPI, said: “We are pleased to add The Globe to the LPPI Real Estate Fund. The acquisition supports our aim of building a resilient portfolio that delivers long-term returns for our partner funds, and we look forward to continuing our partnership with KFIM.”
Knight Frank advised KFIM on the acquisition and CBRE advised the vendor.
