Co-op sells Angel Square HQ
THE Co-op has sold its One Angel Square headquarters building to foreign investors for £142m.
RREEF Real Estate, the property arm of Deutsche Bank’s asset and wealth management division, has bought 51%, while an unnamed “foreign institutional investor”, advised by RREEF, has bought the remaining 49%.
A Chinese sovereign wealth fund is thought to be part of a consortium of investors that has bought into the building.
According to PropertyWeek.com Ginkgo Tree Investment, a London-registered Chinese state-owned fund, is among the parties involved.
Gingko Tree was incorporated as a UK company in 2009 and is run from the City of London offices of the People’s Bank of China on behalf of its sole shareholder, the Investment Company of the People’s Republic of China (Singapore) – itself an investment vehicle of the Chinese Government’s State Administration of Foreign Exchange.
Georg Allendorf, head of RREEF Real Estate in Germany, said: “Sustainability was the driving force behind the acquisition of One Angel Square – from the location of the NOMA redevelopment to the property’s trend-setting architecture, its sustainable operations and its overall commitment to sustainability.”
David Pringle, director of NOMA, added: “The sale and leaseback of One Angel Square will release the value tied up in a non-trading asset, enabling The Co-operative Group to reinvest these funds in delivering its strategy of growing its core trading businesses to best serve members and customers.
“The building is market leading in terms of construction, location and facilities, and is the most environmentally-friendly large office space in Europe. With future-proofed design and build, coupled with outstanding transport links, One 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 years.”
