Barwood/Squarestone sell Manchester business park for £20.5m

By Paul Norman - Monday, April 16, 2018 9:58

Main news image
Barwood Capital, the Northampton-based real estate investment and development business, and national logistics developer, db symmetry, have sold a business park near Manchester Airport to Squarestone Growth for £20.5m, representing a net initial yield of 8.57%.

Manchester Green is a fully refurbished business park comprising five buildings extending to 107,224 sq ft together with 491 car parking spaces across 7.5 acres. It is let to tenants including WorleyParsons Europe, Ingredion UK, Chiesi and Assetz SME Capital.

Barwood Capital bought Manchester Green through its 2012 Property Fund in 2013. Since then it has invested £3.9m with its development partner db symmetry to carry out a phased refurbishment programme across the estate.

Andrew Barlow, director, Barwood Capital said: “We invested in Manchester Green because we saw the potential to refurbish the estate to provide Grade A office accommodation and create significant value. We are delighted that our investment has provided a platform for future growth and delivered strong returns to our 2012 Property Fund investors.”

Hugo Denée, head of acquisitions at Squarestone Growth, said: “Manchester Green is an established business park in an excellent location that meets the needs of occupiers looking for well-connected out of town space in the South Manchester market. The park is a valuable addition to our high yielding regional portfolio, complementing our growth strategy towards £300m.”

JLL and Whitaker Horton acted on behalf of Barwood Capital and db symmetry; BNP Paribas acted on behalf of Squarestone Growth.

pnorman@costar.co.uk

Get in Touch
+44 203 205 4600