MCR Property Group has acquired the 650,000 sq ft CIS Tower in Manchester for an undisclosed price.
Jersey-based Devonshire (CIS Tower) acquired the 118m tall skyscraper, which was built in 1962 as the headquarters of the Co-operative Insurance Society, for £66m in 2017.
It has lain vacant for a number of years and last year Lenrose Ventures submitted a planning application for the redevelopment of the Grade II listed building.
Aneel Mussarat, founder of MCR Property Group, said: “The CIS Tower is a generational asset. These opportunities are exceptionally rare and require conviction, speed and capital certainty to execute. We have built MCR on a very clear model, acquire well, manage intensively and realise value over time. This building fits that strategy perfectly. It is one of the most recognisable structures in the UK, but more importantly, it is an asset with significant untapped potential that has been overlooked for many years.”
