DTZ Investors, on behalf of Strathclyde Pension Fund, has placed the Printworks in Manchester under offer for £108m
The price agreed is £10m above the original asking price. Land Securities instructed JLL to sell the 350,000 sq ft leisure complex in November, originally quoting £98m.
The complex comprises a 20-screen Odeon cinema, a Virgin Active gym, and restaurants and clubs including Busaba Eathai, Nando’s and Tiger Tiger.
The Strathclyde Pension Fund most recently bought two office blocks in Birmingham from the Salmon Harvester Opportunity Fund for £31.4m.
Land Securities bought the leisure complex from Resolution Property in 2012 for £93m – a net initial yield of 6.25%. The building was formerly a newspaper printing house but ceased operations in 1985.
Cortex Partners is acting on behalf of DTZ Investors.
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