Saudi Arabian investor pays £14m for Etrop Court
International Investment Gate, acting on behalf of Saudi Arabia-based investor, Almajdiah Company, has acquired a single let office building occupied by Manchester City Council until 2031 in a £14.175m deal.
The building was acquired from Wellington Properties.
Located within Wythenshawe town centre, the property comprises 48,707 sq ft of office accommodation and is occupied by various Manchester council departments, including Home Care, Children Services, Adoption Agency and Neighbourhood Services.
Majed AlMajed, director at Almajdiah Company, said: “Etrop Court complements our strategy of expanding our global real estate portfolio underpinned by stabilised investments and achieving diversification.”
Dr Mohammed Alswaidan, CEO of International Investment Gate, said: “We are delighted to have advised and structured the acquisition of this government let office building in South Manchester for Almajdiah Company.
“The building is integral to the council’s role of delivering services to the region and, with a further 10 years of the lease left to run, the property offers an attractive income stream for the purchaser.
“The acquisition is in line with our business model of offering a comprehensive one-stop shop service to our clients.”
The purchaser was represented by Freddie Guest of Savills, and Wellington Properties was represented by Matthew Stretton of Knight Frank.