All change at Royal Exchange
Published: 01 December, 2016
Hines and Universal-Investment buy Manchester's Royal Exchange
US-based fund manager Hines and German investor Universal-Investment have bought the Royal Exchange in Manchester city centre from Trinistar Manchester, a joint venture between Starwood Capital Group and Trinity IM.
The property will be injected into a Universal-Investment fund managed on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme. BVK has mandated Universal-Investment to source €1.3bn of prime high-street retail assets across Europe and it has already bought in Glasgow, Milan, Paris and Oslo.
Famous for the 700-seat Royal Exchange theatre, the 264,000-sq ft building incorporates 81,000 sq ft of retail and leisure space and 121,000 sq ft of office space. The retail and leisure space is home to a range of tenants including Molton Brown, Starbucks, Swarovski, L’Occitane and Hotel Chocolat.
Sharon Bloodworth, Hines UK’s director of retail asset management, said: “Following the recent upgrade of the building’s façade and the extensive remodelling of the Royal Exchange Arcade, we will continue to reposition the retail space to provide a high quality and niche retail environment to complement the wider Manchester retail offer.”
Bilfinger GVA advised Hines, MMX and Commercial Properties acted for Starwood and Trinity IM.