London-based Cording Real Estate Group have snapped up the Anchorage office complex in Salford Quays in a deal worth £35m.
The joint buyout with US private equity group HIG Capital International Advisors sees the freehold of the 218,800sq ft complex transfer to the two companies.
It was acquired from a private investor client of Knight Frank Manchester.
Spread over four buildings at Anchorage Quay, with a 777-space multi-storey car park, offices are currently leased to healthcare firm BUPA and Muse Developments.
HIG said the freehold purchase was due to increasingly strong demand from tenants for offices in Salford Quays, now home to the BBC, ITV and Salford University over the docks at MediaCityUK.
Seb d’Avanzo, Principal at HIG said: “We are pleased to announce the completion of HIG Capital’s fifth property transaction in the UK.
“Salford Quays is a fast changing and dynamic sub-market in Manchester which benefits from strong transport links into the centre of Manchester.”
Cording’s Head of Portfolio Management, London, Mark Millar said: “The acquisition of this prime office block reflects our focus on income.
“It is let at a sustainable rent in a market which has seen a marked increase in occupier activity, particularly from bigger space users.
“The Anchorage also gives us the opportunity to apply our asset management expertise to improve value through working with occupiers to refurbish space and extend leases”.
HIG’s current portfolio includes more than 100 companies with combined sales in excess of €22 billion. Cording Real Estate have €2.4 billion under management and lists its target markets as the UK, Germany and Scandinavia.
