Argent and Carlyle Group confirmed today that they have exchanged contracts on the forward funding of Three and Four Piccadilly Place in Manchester.
As tipped by Property Week, the US private equity group has agreed to buy the 200,000 sq ft office scheme Three Piccadilly Place and will forward fund the 120,000 sq ft Four Piccadilly Place. It is thought the deal has been agreed at around £110m.
Three Piccadilly Place will complete in May Next year and is already 25% prelet to law firm Weightmans and the Highways Agency. Government Northwest is also rumoured to be taking 30,000 sq ft at the scheme.
US group GE Real Estate had been in advanced talks on a £120m forward-funding deal with Argent since March this year, but the deal faltered because of US head office wariness regarding forward funding speculative schemes.
Argent will retain its role as developer of the scheme. GVA Grimley advised Carlyle. GVA and Savills are joint letting agents.
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