The Manchester office development 101 Embankment has been sold to M&G Real Estate for £105 million.

101 Embankment, the new headquarters of UK insurer Swinton, has been sold by European Property Investors Special Opportunities 3 (EPISO 3), the opportunity fund advised by Tristan Capital Partners.

EPISO 3 sold its majority interest in the 165,000 sq ft Grade A office development to an M&G Real Estate led joint venture including an Asian investor and West Yorkshire Pension Fund.

The building was completed in Q1 2017.

Swinton agreed to lease the entire 10 floors of 101 Embankment in November 2016, signing a commitment to occupy the premises for more than a decade.

The building and a second that is scheduled to be built nearby will stand above a 442-space underground car park leased separately for 35 years by operator Q-Park.

Director at Tristan Capital Chris Webb said: “The dire shortage of Grade A offices in the centre of Manchester made this development particularly attractive.

“Salford Council’s vision and progressive approach have been integral to the successful regeneration of the city centre Embankment Estate.

“However further work needs to be carried out; there is still insufficient space to satisfy demand in these thriving business communities, which gives us good visibility as we move into the second phase of this project.”

JLL advised EPISO 3 on the sale. M&G Real Estate was advised by CBRE.

Director at JLL James Porteous said: “We are delighted to have advised the joint venture with the disposal of this iconic building set in a unique environment at the heart of the Cathedral District.

“This building sets a new standard in quality for offices in Manchester.

“The transaction demonstrates the growing appetite from global capital for investment opportunities in Greater Manchester.”