AM alpha, a global family office for real estate investments, has bought the listed office building 196 Deansgate in Manchester, UK.
The property which is almost fully let, has a usable floor space of approximately 5,900 square metres. It consists of a basement, ground and also five upper floors. The listed office building has been extensively refurbished in recent years. It offers high-quality open-plan mostly Cat-B offices that can be flexibly subdivided.
AM alpha acted on behalf of a pension fund manager from Hamburg. The seller is Commercial Estate Group (CEG). The parties agreed not to disclose the purchase price.
The property is located near Spinningfields, a lively and established office district with a diverse gastro and entertainment scene.
Martin Lemke, Managing Director AM alpha, says, “As an independent family office, AM alpha can invest anti-cyclically. We are specialised in finding imbalances in the market and turning them into opportunities to achieve above-average returns for our investors, especially in a challenging market environment.
“This transaction shows again that AM alpha is an expert in executing complex investments. We will continue to grow our portfolio in the UK’s dynamic growth regions”.
Built in 1904, the 196 Deansgate building was designed by one of Manchester’s most respected architects, Charles Heathcote, in the Edwardian Baroque style. The property is Grade II listed and is located in the Deansgate/Peter Street Conservation Area.
In recent years, Manchester has seen significant development and become a major centre for technology, digitisation and also creativity.
AM alpha was advised by Cushman & Wakefield and CMS on this transaction.
AM alpha is a Munich-based privately owned real estate family office. It focuses on global investments in prime real estate on its own account and in collaboration with family offices, private clients and also endowments in Europe and Asia.