Northtree acquires Lincoln House in Manchester, UK for £55 million

en.Wedoany.com Reported - UK commercial real estate investor Northtree Investment Management has exchanged contracts with M&G to acquire Lincoln House in Manchester for £55 million, a fully let 100,000 sq ft office building. The firm, which describes itself as a "high-conviction UK commercial real estate investor with over £350 million in assets under management," emerged victorious in a competitive bidding process. Tenants in the building include global management consulting firm Alvarez & Marsal, flexible office space provider Cubo, The Professional Footballers Association, and consulting firm Jacobs. M&G put the building up for sale earlier this year, advised by CBRE, with ACRE Capital representing Northtree.

The transaction reflects a net initial yield of approximately 6.8%, slightly higher than the 4 Angel Square deal earlier this year, which sold for £114 million to BNY Mellon. Completed in 2021 and designed by Jon Matthews Architects, Lincoln House is located on Brazennose Street, on the site of the former Brazennose House. The building has achieved a BREEAM Excellent rating and features extensive tenant amenities, including a large basement gym. Parties have been contacted for comment.

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