A joint venture backed by Schroder Real Estate Investment management has bought the 308K SF office development at No. 1 Spinningfields, in a deal backed by Barings Real Estate.
Barings provided £81M to support the £201M purchase, CoStar reports, making it their second big loan in Manchester in the last seven days.
Earlier this month Barings agreed a £34.7M mortgage to fund a Salford Quays build-to-rent project. The 42-month facility has allowed Atlas Residential and IP Investment Management to acquire the £55M waterfront development site at MediaCityUK.
Barings' 10-year fixed-rate loan at 40% loan to value at No. 1 Spinningfield comes three months after Allied London sold the block to Schroder Real Estate, Finnish pension fund manager Ilmarinen and another unnamed investor for more than £200M, a net initial yield of 5%.
PwC and law firm Weightmans are among the occupiers at No. 1 Spinningfield, which is 87% let.
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