Credit Suisse Fund Management has completed the purchase of the Corner Block building in Manchester.
The deal was funded with £9.4m of speculative development financing provided by RBS.
Credit Suisse is due to carry out internal and external renovations to the 61,000 sq ft building in Quay Street.
The building comprises around 52,000 sq ft of grade-A office space with 9,000 sq ft of shops below, let to Tesco, Starbucks and Sainsburys.
It was sold by developer Bruntwood.
Reinhard Stamm, head of Credit Suisse Real Estate Asset Management Finance International, said: “The Corner Block building matched our requirements to invest in a value-add opportunity. We have a clear view on how to refurbish and reposition this asset to end up with a core asset in an attractive environment.”
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