Pictet Alternative Advisors in partnership with XLB Property has acquired a portfolio of three offices in Manchester totalling 362,000 sq ft.
The deal comprises three listed Victorian former warehouses and reflects a net initial yield of 6.2%. Asset manager XLB Property is the operating partner.
Pictet Alternative Advisors’ head of acquisitions Charlie Baigler said the Manchester market has proven to be “extremely resilient” against the ongoing uncertainty.
He added: “Manchester is attracting and retaining talented young professionals, the city is now the largest tech hub in the UK outside of London, and is proving to be a significant beneficiary of ‘northshoring’.”
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