RREEF Real Estate, the real estate investment business of Deutsche Bank’s Asset & Wealth Management division, has acquired One Angel Square, an office block in central Manchester, for £142 million (€164 million; $220 million) on behalf of investors, it revealed today.
RREEF declined to divulge who it was investing for but, according to reports, Ginkgo Tree is among the consortium, which is based in the London office of the People’s Bank of China. Gingko Tree is owned by the investment company of the People’s Republic of China, which in turn is the investment vehicle of the Chinese Government’s State Administration of Foreign Exchange.
The 329,218-square-foot office block was just completed in December. It is part of NOMA, an £800 million mixed-use development scheme – the largest development project in the north west of England and the largest development outside of the south east.
The transaction is particularly noteworthy as it represents something of a departure from the recent focus on London properties by Asian state capital. In recent years, RREEF had been mandated by the state funds of countries such as Korea and Malaysia with the express purpose of acquiring core real estate in the capital city.
RREEF played up the building’s green credentials as having played a role in attracting Gingko Tree. The office was awarded a REEAM Outstanding sustainability certification and A+ Energy Performance Certificate, given only to buildings with zero carbon emissions. James Petit, head of RREEF Real Estate for the UK and Ireland, said: “Sustainability was a driving force behind the acquisition of One Angel Square.”