A real estate fund has made a significant investment in Manchester with a multi-million pound purchase of a landmark office building.

Europa Capital LLP (Europa) has purchased two buildings in city-centre Manchester, one of which being the One Piccadilly Gardens office development (pictured – image credit). Europa has also purchased a retail unit known as The Pavillion.

Europa has purchased the buildings from a private investor in an off-market transaction worth £67m. The purchase is a joint venture with property investor Paul Parkinson.

One Piccadilly Gardens was constructed by Argent in 2003 as part of their Piccadilly Place mixed-use development. One Piccadilly Gardens is a six-floor red brick building offering in excess of 167,000 sq ft of floor space of which 150,000 sq ft is Grade A office accommodation. The multi-let scheme is running at full occupancy and tenants include Bank of New York, insurers Allianz Cornhill and property agents King Sturge. Bank of New York are the significant tenant having taken over 90,000 sq ft.

Europa believes the purchase gives them a safe, long-term investment. Commenting on the transaction, Sandra Capan said: “One Piccadilly Gardens represents a good opportunity to acquire a modern, multi-let, office building at an attractive yield. The deal is in line with the Europa’s strategy of identifying well-located core assets in regional cities with a strong tenant mix but still with potential for active asset management.”

Only last month Europa invested £65m acquiring a portfolio office properties in a joint venture with Ediston Properties. The portfolio consists of seven office-based properties across the UK, offering total floor space of 316,000 sq ft.

Europa were advised by Savills.