Aviva Investors has agreed to forward fund the development of Two New Bailey Square in Salford for £113m.
The purchase of the 187,241 sq ft office building was made on behalf of Aviva’s Lime Property Fund
The English Cities Fund development, which is expected to be completed by the end of 2019, is pre-let to Salford City Council on a 25-year lease.
Lime Property Fund is a secure income long lease property fund with over £2bn of net asset value. The fund, launched in 2004, targets property investments let to strong tenants on leases with inflation-linked or fixed-rental uplifts and lease terms of 15 years plus.
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