Co-op plans sale and leaseback deal on HQ
THE Co-operative Group has confirmed that it is holding talks with potential buyers for its new One Angel Square HQ.
The group is expected to raise in the region of around £150m through the deal, which is likely to be used to help fund its purchase of the 632 bank branches and other assets being acquired from Lloyds Bank.
A spokesman for the Co-Operative Group confirmed that it was in talks
with “a number of interested parties about the possible sale and leaseback of 1 Angel Square”.
The Co-operative Group has self-funded the £100m construction of One Angel Square, which has been built to BREEAM Excellent standards, with BAM Construction as main contractor.
The spokesman added: “The building is market leading in terms of construction, location and facilities, and on completion will be the most environmentally-friendly large office space in Europe.
“With future-proofed design and build, coupled with outstanding transport links, 1 Angel Square sits at the heart of NOMA, the 20-acre redevelopment set to transform the Northern district of Manchester city centre over the next 10 – 15 years.
“There is nothing else like it in the UK, and consequently we would hope to attract a lot of interest.”
Jones Lang LaSalle and WHR have been appointed to market the building, which is the first significant phase of its £800m NOMA development. The remainder of the scheme will be delivered through a joint venture with London-based property companies Delancey Estates and Landid.
