Three Manchester office assets sell for €133m
Helical has exchanged contracts on the sale of The Powerhouse Portfolio, comprising three office assets in Manchester, U.K., to real estate funds managed by Pictet Alternative Advisors and XLB Property Ltd. for a gross sale price of £119 million (€133 million/$158 million).
The Tootal Buildings comprise two iconic Grade II listed interlinked office buildings providing 245,907 square feet of office space. Helical acquired the asset in March 2014 and has undertaken a rolling program to refurbish the vacant office space and improve the common areas, including the provision of a new café facility and revitalized reception areas. The building is currently 100 percent leased.
35 Dale St. is a Grade II listed building situated in the heart of Manchester's Northern Quarter. The building provides approximately 49,130 square feet of office space, as well as 7,079 square feet of food and beverage space. Helical acquired the asset in March 2015. The building has undergone a fu