PPF sells £292m Manchester office to NatWest

The UK Pension Protection Fund (PPF) has announced the sale of One Hardman Boulevard in Manchester’s Central Business District to NatWest Group for £292 million.

The deal, brokered by CBRE, is the largest to take place outside of London this year.

PPF Chief Investment Officer Barry Kenneth said: “Our investment in One Hardman Boulevard has been incredibly important to us.

“We are constantly looking to deliver the best returns for our members and this particular investment has been a key part of our real asset strategy.

“By exiting at this stage, we’re realising attractive valuation alongside the returns that we have earned during the holding period.

“The time left until the lease expires also meant that the asset was becoming a less effective contributor to our liability hedging strategy.

“Our investment strategy is fundamental to securing strong returns for our scheme members and this particular asset has done just that.

“It’s exciting to see the returns produced from this innovative part of our strategy.”