A business park near Manchester Airport has been sold by Barwood Capital, the Northampton-based real estate investment and development business, and national logistics developer, db symmetry, to Squarestone Growth LLP for £20.5 million representing a net initial yield of 8.57%.
Manchester Green is a fully refurbished business park comprising five buildings extending to a total of 107,224 sq ft together with 491 car parking spaces across 7.5 acres. It is let to tenants including WorleyParsons Europe Ltd, Ingredion UK Ltd, Chiesi Limited and Assetz SME Capital Limited.
Barwood Capital acquired Manchester Green through its 2012 Property Fund in 2013. Since then it has invested £3.9 million with its development partner db symmetry to carry out a phased refurbishment programme across the estate.
Andrew Barlow, director, Barwood Capital said: “We invested in Manchester Green because we saw the potential to refurbish the estate to provide Grade A office accommodation and create significant value. We are delighted that our investment has provided a platform for future growth and delivered strong returns to our 2012 Property Fund investors.”
Hugo Denée, head of acquisitions at Squarestone Growth LLP said: “Manchester Green is an established business park in an excellent location that meets the needs of occupiers looking for well-connected out of town space in the South Manchester market. The park is a valuable addition to our high yielding regional portfolio, complementing our growth strategy towards £300 million.”
JLL and Whitaker Horton acted on behalf of Barwood Capital and db symmetry; BNP Paribas acted on behalf of Squarestone Growth LLP.