The joint venture between Moorfield and North West-based Property Alliance Group has made its first acquisition, buying The Towers business park in south Manchester for £47m at a net initial yield of 8.5%.
The 290,000 sq ft business park was purchased from Dutch landlord Wereldhave on behalf of the Moorfield Real Estate Fund II. Property Alliance Group will be Moorfield’s property management partner on the park. The partners plan to undertake a comprehensive refurbishment programme.
The Towers contains nine office buildings set within 19 acres of land. Tenants include British Airways, John Lewis, Vodafone and Cisco.
Marc Gilbard, chief executive of Moorfield Group, said: “We are confident in this asset’s potential to become an even more successful and desirable location following our focus on building and site improvements, satisfying current and future occupier demand and requirements.”
Andrew Turton, managing director of Wereldhave, said: “The sale of The Towers is in line with our investment strategy to focus on shopping centre acquisitions and follows the purchase of the Dolphin centre in Poole.”
WHR Property Consultants acted on behalf of Moorfield and Property Alliance Group; Jones Lang LaSalle acted for Wereldhave.
daniel.cunningham@estatesgazette.com
