Clifford Chance

Clifford Chance advises RREEF Investment GmbH's joint venture on One Angel Square, Manchester

Clifford Chance has advised the joint venture between RREEF Investment GmbH (RREEF) and an investment partner on the sale and leaseback of The Co-Operative Group headquarters at One Angel Square, Manchester for £142.3m.

This landmark building forms part of the £800 million NOMA development project to transform 20 acres of Manchester City Centre into 4 million sq ft of office, retail, residential and leisure space and the deal marks the first letting on the NOMA estate.

One Angel Square, which comprises 329,218 sq ft, was completed in December 2012 and is regarded as one of the most sustainable buildings in Europe. The building is the first regional office building in the UK to be awarded a BREEAM ‘Outstanding’ rating and is EPC ‘A’ Rated.

RREEF participated in the sale and leaseback on behalf of the German open ended real estate fund "grandbesitz europa".

Commenting on the transaction, lead Real Estate Partner, Mark Payne said:

"This transaction reflects the growing popularity among investors for prime real estate assets beyond the City of London. Manchester is increasingly being seen as a key destination for medium to long-term investment and the NOMA regeneration of the Northern Gateway will further enhance Manchester's appeal to the international property community. We were delighted to act for RREEF on this cross-practice deal. Our team worked seamlessly together, highlighting the strength of our integrated approach to real estate"

Mark Payne was assisted by Real Estate Senior Associate Ian Painter and Associate Lindsay Wiltshire. Planning advice was provided by Partner Nigel Howorth, who was supported by Associate Elizabeth Hardacre. Construction advice was provided by Director Marianne Toghill and Associate Radhika Shah, and Tax advice was provided by Partner, David Saleh, who was supported by Senior Associate, William Reay-Jones.

RREEF Real Estate is the real estate investment business of Deutsche Asset Management. During the past 40 years, RREEF Real Estate has built a leading real estate investing business, with approximately 550 professionals located in 22 cities around the world and $55.7/€41.9 billion in assets under management as of March 31, 2012.

RREEF Real Estate has acquired £1.3 billion in property across the United Kingdom in the last 12 months on behalf of its global clients.