Two fund managers have paid £78m in separate purchases for two office blocks at Manchester’s Spinningfields development.

Hansa Invest has bought 2 Hardman Street from Legal & General’s UK Property Unit Trust for £57m, equivalent to a 6.75% yield.

bp Pension Fund has bought 4 Hardman Square from Aviva Investors Property Fund for £21m, a 6.95% yield.

BP Pension Fund paid cash and Hansa, the fund management arm of German insurance group Signal Iduna, paid mostly cash but used a small element of debt.

Legal & General and Aviva are understood to have sold to increase liquidity within their funds. The buildings were expected to perform well – despite the market – because they are fully let and within Allied London’s Spinningfields scheme.

The 157,364 sq ft 2 Hardman Street office block is let to Greater Manchester Newspapers, part of the Guardian Media Group, and Deloitte.

Grant Thornton and HSBC occupy 4 Hardman Square, a 53,000 sq ft office block. Aviva bought the building, along with 3 Hardman Square, for £140m from Allied London in September 2006.

Investment yields in Manchester are now believed to lie around 7%.

King Sturge acted for Legal & General and Aviva; Christopher Dee acted for the BP Pension Fund and CB Richard Ellis’s north-west office represented Hansa.