Manchester boost as Union Investment holds talks on funding Spinningfields development
The Times reports today that Union Investment, one of Germany’s largest property fund managers, is poised to fund the speculative development of a STG 150m office building in Manchester. It is in advanced talks with developer Allied London about forward-funding the 300,000 sq ft scheme at Spinningfields, thus providing the finance for construction at a time when bank lending for such deals is still scarce.
The newspapers points out that such a huge speculative deal would be a boost to confidence for the property market in the region.
The proposed building is to be sited at 1 Hardman Square and is one of the few remaining plots still undeveloped in the Spinningfields office district. The Times says the value of the completed building would be between STG 150m and STG 160m.
