Pictet Alternative Advisors has entered Manchester’s “resilient” office market through the acquisition of a grade A office portfolio in the city for an undisclosed sum.
The deal, carried out in partnership with specialist asset manager XLB Property, seeks to capitalise on opportunities arising in the UK market ahead of anticipated volatility, induced by the pandemic and Brexit and other factors, according to Pictet.
The real estate portfolio comprises three listed former Victorian warehouses in core locations in the city, totalling 362,000 square feet, and were secured at a net initial yield of 6.2%.
Charlie Baigler, head of real estate acquisitions at Pictet Alternative Advisors, said: “The Manchester office market has proven to be extremely resilient, with excellent supply and demand fundamentals.
“The quality and location of the assets ensures strong downside protection against the anticipated market volatility ahead. Our partnership with XLB Property ensures the highest standards in technology enabled property management, with a strong focus on ESG,” he added.
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