The Pension Protection Fund (PPF) has sold One Hardman Boulevard in Manchester, U.K.
The deal, which was brokered by CBRE, is the largest to take place outside of London this year, with a purchase price of £292 million (€345 million, $391 million). The office, which is in the city’s CBD, has been purchased by NatWest Group.
Barry Kenneth, CIO of PPF, 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 less effective contributor to our liability hedging strategy.
“Our investment strategy is fundamental to securing strong returns for our scheme members and this particu
