Swiss multinational acquires Spinningfields building in £9.39m deal

Credit Suisse Fund Management (CS REAM) has acquired the Corner Block building on Manchester’s Quay Street with £9.39m in speculative development financing from the Royal Bank of Scotland (RBS).

Following the deal, the Swiss fund management firm will renovate the Spinningfields building with an upgraded facade and new entrance features.

Once work is complete, the site will comprise 52,000 sq ft of office space and 9,000 sq ft of retail space.

The head of CS REAM Finance International, Reinhard Stamm, commented: “The Corner Block building matched our requirements to invest in a value add opportunity – we have a clear view on how to refurbish and reposition this asset to end up with a core asset in an attractive environment.”

Units in the Corner Block building are currently let to supermarkets Tesco and Sainsbury’s, and US coffee chain Starbucks.

RBS’ head of non-senior lending, Lee Franklin, commented: “RBS is pleased to support the highly regarded Credit Suisse management team in the development of this well located Manchester office scheme.”

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