Legal & General acquire prime Manchester city centre office building

Legal & General Linked Life Fund has acquired the long leasehold interest in 2 Hardman Street, Manchester from Allied London Properties for £86 million.

The property which was completed in April 2006 comprises 14,620 m2 (157,364 ft2) and is fully let to Deloitte & Touche LLP and Greater Manchester Newspapers Ltd.

The property is the latest building to have been completed within Spinningfields and is situated within the heart of the development.

Trevor Nelson, Property Fund Manager of Legal & General’s Linked Life Fund comments “We believe that this opportunity provides genuine prospects for future rental growth. The Fund has seen substantial growth in 2006 and this is part of our ongoing Office Acquisition Strategy. We view Spinningfields as an exciting expansion of the Manchester Business district which will provide excellent prospects for future rental growth due to the continued success of Spinningfields and the prime nature of the building and are delighted to have made this significant investment in the scheme.”

Legal & General were represented by King Sturge and Allied London Properties by Dunlop Haywards & Jones Lang LaSalle.