One St Peter’s Square in Manchester sold for £164m

Real estate investment firm Deka Immobilien has snapped up One St Peter’s Square in Manchester for £164m.

The company made the acquisition via the owning joint venture vehicle from property developer Argent and The Greater Manchester Property Venture Fund.

Located in the heart of Manchester’s historic business district, the 288,000 sq ft, 13-storey office site is currently multi-let to businesses such as professional services company KPMG and law firms DLA Piper and Addleshaw Goddard.

Frankfurt-headquartered Deka Immobilien was advised by estate agents Savills and CBRE on the transaction.

Savills investment director John Heaver said: “The characteristics of One St Peter’s Square make it a rare and prestigious product that will compliment Deka’s portfolio and we are encouraged by their continued commitment to the UK.”

The joint venture between Argent and The Greater Manchester Property Venture Fund – a sub fund of the Greater Manchester Pension Fund – was represented by property consultancy Bilfinger GVA.

Cllr Kieran Quinn, the chair of Greater Manchester Pension Fund (GMPF), commented: “The sale of One St Peter’s Square to Deka Immobilien brings to a conclusion the involvement of the Greater Manchester Pension Fund in the redevelopment of the site.

“GMPF originally purchased the old Elizabeth House in 2003, prior to the formation of the joint venture with Argent in 2008.”

He added: “The faith and confidence in the development by both partners has achieved the twin aims of GMPF’s local investment strategy.”