Return to search

Carlyle in £30m Salford Quays development in UK

A joint venture between the private equity firm and JV partner Abstract Nikal is planning to redevelop the former site of manufacturer Colgate. The deal was made through Carlyle's €2.2bn Europe-focused real estate vehicle, Carlyle Europe Real Estate Partners III.

The Carlyle Group has partnered with Abstract Nikal on the acquisition of an 8.4 acre site in the UK. The property is slated for a £30 million redevelopment project.

A spokesperson for the firm told PERE the deal was made through Carlyle’s €2.2 billion Europe-focused real estate vehicle, Carlyle Europe Real Estate Partners III, which closed in June 2008.

The site, located in Salford Quays near Manchester, was originally home to Colgate, which used the site for its toothpaste and deodorant production. The property included offices, production and warehouse space, as well as around 500 parking units.

The property also is located within the “Media City” zone, according to Carlyle – so named for the relocation of five BBC departments in the next three years. The joint venture is planning to redevelop the site, which could include office space, data centre, media use and hotel space.

The project is Washington, DC-based Carlyle’s second development in the Manchester area. It recently closed on the acquisition of office asset Piccadilly Place III, in Manchester City center, and has started on development of Piccadilly Place IV, an adjacent building. The deal was made through its Carlyle Europe Real Estate Partners III.
 
Marketing for the Salford Quays development will be undertaken by Canning O’Neill and Cushman & Wakefield.