NOMA — the joint venture between Hermes Investment Management and the Co-op — said it exchanged contracts with Castlebrooke Investments for the sale of The CIS Tower in Manchester for a purchase price “in excess of the £65 million guide price.”
The iconic building is home to Co-op Insurance and The Co-operative Bank, which remain tenants of the building.
The CIS Tower comprises 388,000 sq ft of office space over 28 floors and sits on a 1.5-acre site in the heart of NOMA – Manchester’s most significant urban regeneration scheme.
On completion, the 20 acre NOMA neighbourhood will include new homes, offices, hotels, and retail and leisure space.
A spokesperson from NOMA said: “The sale of The CIS Tower is part of our ongoing strategy to regenerate this important community in Manchester city centre.
“The Tower will remain a crucial part of the wider NOMA estate while the JV team focuses on developing key sites, including Dantzic, Hanover, and Redfern.
“The sale allows us to reinvest capital into NOMA while also maintaining momentum by bringing in other investment.”
A Castlebrooke spokesperson said: “The CIS Tower is the most significant asset management opportunity remaining in Manchester.
“We are fully committed to working with NOMA as our neighbours, and occupiers the Co-op, to ensure The CIS Tower fulfils its potential, as well as building Manchester’s presence on the world property stage.”