Himor sells office block for £45m

NEWTON-le-Willows based Himor Group has sold its 40 Spring Gardens office block in Manchester for £45m.

Climate Change Capital, an investment fund with an environmental slant, has bought the building, at the top of King Street, through its CCPF property fund.

The 100,000 sq ft building is occupied by Premier Foods and the Bank of Scotland. The off-market deal reflected a net initial yield of 6%.

Investment company Himor is owned by Will Ainscough son of William Ainscough whose property business Langtree developed the office block.

CCPF was launched in August 2008 and has now been invested with a gross asset value of around £150m in commercial property in the UK.

Tim Mockett, joint founder partner of the fund, said: “We’re very pleased we have been able to commit this capital so efficiently. This validates our investment thesis and demonstrates the potential for growth of this burgeoning market. We look forward to driving sustainable asset management wins across our portfolio.”