Ares finally offloads £143m Piccadilly Place
A joint venture between Longmead Capital and Revcap has acquired the 320,000 sq ft Manchester office scheme.
Investment manager Ares Management has been looking to sell the asset since April 2020 but the deal stalled due to the pandemic.
More than 12 months on, the £143m deal has now been signed.
CBRE acted for Ares, and OBI and ADS Real Estate Advisors acted for the buyer.
Ares acquired Piccadilly Place from Carlyle Group for around £117m in 2016.
The asset is made up of Three and Four Piccadilly Place, which provide office and retail space, plus a three-storey 583-space basement car park.
The complex is fully let to occupiers including Barclays Bank, the NHS, Arup, and flexible office provider Orega as the main tenants.
Property Alliance Group is the asset manager for Piccadilly Place.
London-based Longmead’s portfolio features other North West assets, including the 106,000 sq ft Trident Business Park near Manchester Airport.
