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”.
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