Aviva Investors has completed a £45m funding deal with Bruntwood for part of its Manchester Circle Square development.
The funding has been secured for the 432,311 sq ft Plot 14 in the city centre development for a 158-bedroom hotel and a 1,014-space multi-storey car park.
The hotel has been let for an initial term of 25 years and the car park for 35 years, with both buildings earmarked for completion in August 2020.
Aviva Investors real estate and fund manager John Osborn said: “Manchester is one of our core cities within our UK real estate strategy, which focuses on investments in durable, high-quality real estate assets in strong economic locations.
“Occupying a prime location in Manchester city centre, Plot 14 is situated on a prominent site within the Circle Square development, which we expect to provide our portfolio with a strong source of long-term, inflation-linked income for investors.”
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