German pension fund acquires central Manchester office block

German real estate group, AM alpha, has acquired 196 Deansgate, in central Manchester, for an undisclosed sum.

The Munich-based group acted on behalf of a pension fund manager from Hamburg.

The property is located near Spinningfields and was sold by Commercial Estate Group (CEG).

The site, which is almost fully let, comprises a usable floor space of approximately 5,900 sq m, spread over a basement, ground and five upper floors. The building has been extensively refurbished in recent years. The last phase of the building’s refurbishment works was completed in 2021.

Today, the building offers high quality open plan mostly Cat-B offices that can be flexibly subdivided.

Built in 1904, the property was designed by one of Manchester’s most respected architects, Charles Heathcote, in the Edwardian Baroque style.

The property is Grade II-listed and located in the Deansgate/Peter Street Conservation Area.

AM alpha managing director, Martin Lemke, said: “As an independent family office, AM alpha can invest anti-cyclically.

“We are specialised in finding imbalances in the market and turning them into opportunities to achieve above average returns for our investors, especially in a challenging market environment.”

He added: “This transaction shows again that AM alpha is an expert in executing complex investments. We will continue to grow our portfolio in the UK’s dynamic growth regions.”

AM alpha was advised by Cushman & Wakefield and CMS. Edwards & Co and Savills acted for CEG.