Pension Protection Fund (PPF) closes sale in U.K.

The Pension Protection Fund (PPF) has closed on a sale of One Hardman Boulevard in Manchester, England. The deal, which was brokered by CBRE, is one of the largest to take place outside of London this year, with a purchase price of €348 million ($393 million). The office, which is in Manchester’s Central Business District, has been purchased by NatWest Group.

It offers 350,000 square feet and was completed in 2004. The building includes nine floors and two basement levels.

Barry Kenneth, CIO, The Pension Protection Fund, said, “Our investment in One Hardman Boulevard has been incredibly important to us. We are constantly looking to deliver the best returns for our members, and this particular investment has been a key part of our real asset strategy. By exiting at this stage, we’re realizing attractive valuation alongside the returns that we have earned during the holding period. The time left until the lease expires also meant that the asset was becoming a