Edinburgh fund close to buying Exchange Quay
AN Edinburgh-based fund manager is said to be close to sealing a deal to buy the Exchange Quay office development in Salford Quays.
According to sources Hunter Property Fund Management has reached an agreement to pay £20m-£30m, down from an asking price of £32.5m and well below an £80m valuation in 2005-06.
The 433,600 sq ft scheme, which consists of around 10 buildings, is owned by The Exchange Quay Master Trust which represents a syndicate of investors.
It was developed between 1989 and 1993 by Charter Developments as part of an enterprise zone initiative but is now around half empty and requires investment. Occupiers include Barclays and Orange, and the scheme is said to generate around £4-5m a year in rent.
The sale is being handled by Savills in Manchester which declined to comment. The Hunter Property Fund did not return a call from TheBusinessDesk.
