Manchester’s St James’ House has been sold Tesco’s Pension Fund for an undisclosed price.
The office block on St James’ Square , the former premises of KPMG, comprises 66,000 sq ft of office space over six floors and three ground floor retail units, was purchased in 1995 by The Crown Estate.
Hannah Milne, Head of The Crown Estate’s Regional Portfolio said: “The sale represents a good example of our wider investment strategy, which involves generating working capital for reinvestment across our core sectors by divesting from non-core assets. Regionally, our focus continues to be on dominant retail and leisure schemes, which includes our portfolio of prime shopping parks, as well as our interests in shopping centers in Exeter, Oxford and Worcester.”
The Crown Estate’s regional portfolio, valued at over £2bn, includes 17 shopping parks across the UK, as well as interests in three shopping centers; the Westgate Centre in Oxford, Exeter’s Princesshay and Worcester’s Crowngate Centre.
