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http://www.propertyweek.com/news/deka-confirms-%C2%A3164m-one-st-peter%E2%80%99s-square-buy/5084602.article

16/08/2016

Deka confirms £164m One St Peter’s Square buy

Deka Immobilien has confirmed its acquisition of One St Peter’s Square in Manchester for £164m from Argent and The Greater Manchester Property Venture Fund.

One St Peter's Square, Manchester

The scheme was completed in September 2014 and comprises 288,000 sq ft of grade A office accommodation and retail space arranged across fourteen floors.

The property is currently multi-let, with a weighted average unexpired lease term of approximately 16 years. Current tenants include KPMG, DLA Piper, Addleshaw Goddard and Mazars. The retail units are occupied by Drake & Morgan and Fumo.

Savills acted for Deka on the acquisition. John Heaver, investment director at Savills, said: “The characteristics of One St Peter’s Square make it a rare and prestigious product that will complement Deka’s portfolio and we are encouraged by their continued commitment to the UK.”

David Partridge, managing partner of Argent, added: “The design and quality of this office building and the Manchester City Council supported public realm around it, along with the significant works to the Town Hall Extension and the Library, have been a vital ingredient in re-establishing St Peter’s Square as the pre-eminent civic space in Manchester, and that is why we have attracted such an impressive line-up of occupiers.

“The public facing ground floor along with the Fumo and Drake and Morgan restaurants have already made One St Peter’s Square a destination in its own right.”

Deka Immobilien is advised by Savills and CBRE in the UK.  The joint venture between Argent and The Greater Manchester Property Venture Fund was represented by Bilfinger GVA. The Greater Manchester Property Venture Fund is a sub fund of the Greater Manchester Pension Fund.



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