Richardson Developments has sold its remaining 25% stake in the £110m Printworks leisure scheme in central Manchester to British Airways Pension Fund and Henderson Investors.
BA and Henderson are now outright owners of the 32,515 sq m (350,000 sq ft) development after paying £6m for the stake. They bought 75% of the scheme on Shude Hill in May last year and the yield on the whole investment is around 6%.
The original deal made headlines with one of the keenest yields ever achieved on a major leisure investment sale and provided evidence of the maturation of leisure as an investment class.
Richardson’s Lee Richardson was unavailable for comment.
EGi News 06/04/00
