Tue, 23 Jul 2013 | COMMERCIAL PROPERTY
Moorfield has confirmed that it has acquired a prime commercial property location in Manchester.
Property Week reported last month that the UK investor was to acquire Manchester's 100 Barbirolli Square in a joint venture with Oaktree Capital Management, a US private equity house, but it is just this week that the parties involved have issued confirmation.
The 140,000 sq ft block, which houses law firms Addleshaw Goddard and DLA and accountancy group Ernst & Young, was bought for £41 million from former owners Scottish Widows.
Marc Gilbard from Moorfield commented on the purchase: “The acquisition is the first for Moorfield Real Estate Fund III, which held its first close in April this year. The purchase of this high quality office scheme in the heart of Manchester boosts our regional office portfolio.
“100 Barbirolli Square provides us with an opportunity to engage with high quality tenants to improve income profiles and enhance value.”
David Snelgrove from Oaktree Capital Management added that the group is “excited” about its first direct real estate investment in Manchester. The acquisition is in line with Oaktree's “UK real estate strategy of acquiring real estate assets that offer opportunities to add value through active management, acquiring non-performing loans collateralised by commercial real estate and working with real estate owners to recapitalise over-levered capital structures”.
By far one of the finest garden centres we have had the privilege to offer to the open market. One of the largest and best kept and maintained garden centres in the UK, surrounded by the most affluent suburbs of Leeds and Harrogate and just minutes f...
LEASEHOLD
An established transport and logistics business in the Southwest is now available for acquisition, offering a robust network and specialised services.
Discover a distinctive bespoke joinery business located in picturesque Somerset, presenting a unique chance to acquire an established enterprise with a dedicated client base.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.