Deutsche AWM buys £100m UK development

The investment arm of Frankfurt-based investment bank Deutsche Bank has acquired the partially-built Manchester office from Mosley Street Ventures.

Deutsche Asset & Wealth Management (Deutsche AWM) has bought office development Two St Peter’s Square, in Manchester on behalf of one of its German funds.

The investment arm of Frankfurt-based investment bank Deutsche Bank reportedly acquired the partially-built office development for £100 million (€140 million; $156 million) from developer Mosley Street Ventures.

Mosley Street, owned by Betfred gambling magnate Fred Done and family, has begun construction of the grade A office development which is scheduled for completion in January 2017. The development forms part of an upgrade of St Peters Square valued at £180 million.

Comprising over 166,000 square feet, the 12-story building will include two retail units, 11 floors of office space and two levels of basement car parking.

EY, one of the big four accountancy firms, has committed to a significant pre-let of in excess of 40,000 square feet on a 15-year lease term.

“The regional city continues to grow in stature within the UK and across Europe with strong occupational demand,” commented James Petit, head of real estate, UK and Ireland at Deutsche AWM.

The Deutsche AWM real estate investment business currently holds assets under management of £4 billion across the UK as of March 31, 2015.