AM Alpha, a family office for real estate investments, has bought a Grade II listed Manchester office from Commercial Estate Group.
The Munich-based family office bought 196 Deansgate, which is located near Spinningfields, on behalf of a pension fund manager from Hamburg. It has reportedly paid £20m for the property, which measures some 63,500 sq ft.
The property, which was built in 1904 in the Edwardian Baroque style, has been extensively refurbished in recent years. The last phase of the refurbishment completed in 2021. It comprises basement, ground and five upper floors.
AM Alpha managing director Martin Lemke said: “As an independent family office, AM alpha can invest anti-cyclically. We are specialised in finding imbalances in the market and turning them into opportunities to achieve above-average returns for our investors, especially in a challenging market environment.
“This transaction shows again that AM alpha is an expert in executing complex investments. We will continue to grow our portfolio in the UK’s dynamic growth regions.”
Cushman & Wakefield advised AM Alpha.
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