Invesco Real Estate Buys Manchester Asset
Invesco Real Estate has agreed to acquire an office property in central Manchester on behalf of the Invesco Real Estate – UK III Fund, which invests on behalf of a group of German-speaking institutional investors. The property, 1 New York Street, was acquired from Bruntwood for £41.65 million (€49.2 million).
“In our view, the Manchester office market is regarded as one of the UK’s strongest regional markets, with strong underlying tenant demand and continuing investment interest from both domestic and international investors,” says Toby Simon, Invesco Real Estate’s director of fund management. “With a shortage of new high-quality space coming to the market in the foreseeable future, the property is well positioned to benefit from being attrac