Member Article

Tesco buys St James’ House in Manchester

The Crown Estate has sold a vacant office building in Manchester, St James’ House in John Dalton Street, to the Tesco Pension Fund for an undisclosed sum.

The Crown Estate refused to comment on a rumoured price of £18m.

The office block on St James’ Square which comprises 66,000 sq ft of office space over six floors and three ground floor retail units, was purchased in 1995 by The Crown Estate.

Head of The Crown Estate’s regional portfolio, Hannah Milne, said: “The sale represents a good example of our wider investment strategy, which involves generating working capital for reinvestment across our core sectors by divesting from non-core assets.

“Regionally, our focus continues to be on dominant retail and leisure schemes, which includes our portfolio of prime shopping parks, as well as our interests in shopping centers in Exeter, Oxford and Worcester.”

Tesco Pension Fund was represented by John Miles & Company and Griffiths Eccles acted for The Crown Estate.

This was posted in Bdaily's Members' News section by Sophia Taha .