Manchester City Council (MCC) has acquired a 30% stake in the MIX MANCHESTER development for an undisclosed price.
Existing shareholder, Greater Manchester Pension Fund (GMPF), has also increased its share in the project from 10% to 30%.
The changes follow Columbia Threadneedle Investments’ (CTI) decision to relinquish its 50% shareholding in the 2m sq ft science and innovation campus, which is located next to Manchester Airport.
Gareth Jackson, group property director at Manchester Airports Group, which is part of the MIX MANCHESTER joint venture, said: “MCC’s investment marks an important milestone in the delivery of MIX MANCHESTER. This strategic move strengthens both regional confidence and ownership in one of the UK’s most significant science, innovation, and manufacturing campuses and will ensure the project delivers maximum benefit to Manchester and the wider region.”
Bev Craig, leader of MCC, added: “The airport is a key engine of economic growth and its impact is felt across the city and wider region. MIX Manchester will create thousands of quality jobs in key growth industries – creating clear employment pathways for our residents to share in the success of our city. We believe MIX will be a catalyst for further investment in Wythenshawe – complementing the regeneration programmes in the local area – and an outstanding opportunity to attract and develop new businesses in a prime growth location, while creating financial returns for Manchester.”
Eleanor Wills, chair of GMPF and executive leader of administering authority (Tameside) said: “I am proud that Greater Manchester Pension Fund, partnering with Manchester City Council, is increasing its investment in MIX MANCHESTER. This site is strategically important for the growth of the science and innovation economy in Greater Manchester and the wider region, to provide the quality high-tech jobs of the future, whilst enabling GMPF to secure the pensions of our members.”
The MIX MANCHESTER project team includes Sheppard Robson, Planit, CBRE, JLL and Track Real Estate.
