Europa Capital has completed the purchase of Manchester’s One Piccadilly Gardens scheme in a deal first tipped by Estates Gazette in May.
The pan-European fund manager bought the 150,000 sq ft building from a consortium of Irish investors for around £68m, reflecting a net initial yield of 6.3%.
One Piccadilly Gardens comprises offices and ground-floor retail space. Occupiers contain Bank of New York Mellon and King Sturge trading as Jones Lang LaSalle.
Argent developed the building in 2003 and was sold two years later to the Irish consortium for £70m.
Savills advised Europa Capital.
daniel.cunningham@estatesgazette.com
