German fund buys Belvedere
ORCHARD Street Investment Management has sold the Belvedere building at Booth St in Manchester on behalf of client Railway Pension Fund Nominees to German fund manager Deka Immobilien.
The deal for the Grade A, 104,000 sq ft building was concluded last month. Details on the price and the yield paid for the building were undisclosed.
The £41.5m Belvedere building was completed in February 2009 by contractor Wilson Bowden after the commercial property market had already begun its downturn. However, the bulk of the building it has been let successfully, with five of the eight floors having been completely filled and only the first floor remaining vacant.
Tenants include insurance broker Marsh, risk manager Towers Watson, investment bank Altium, debt purchaser Arrow Global and agents CBRE.
Deka bought the building on behalf of its WestInvest ImmoValue fund. It was advised on the deal by CBRE.
