Munich-based AM alpha, a global family office for real estate investments, said it acquired the office property 196 Deansgate in the heart of Manchester.

AM alpha acted on behalf of pension fund manager from Hamburg. The seller is Commercial Estate Group (CEG). The parties agreed not to disclose the purchase price.

“The property is located near Spinningfields, a lively and established office district with a diverse gastro and entertainment scene …” said AM alpha.

“The property which is almost fully let comprises a usable floor space of approximately 5,900 sqm, spread over a basement, ground and five upper floors.

“The building has been extensively refurbished in recent years. The last phase of the building’s refurbishment works was completed in 2021. Today, the building offers high-quality open-plan mostly Cat-B offices that can be flexibly subdivided.”

Built in 1904, 196 Deansgate was designed by one of Manchester’s most respected architects, Charles Heathcote, in the Edwardian Baroque style.

The property is Grade II listed and located in the Deansgate/Peter Street Conservation Area.

AM alpha MD said Martin Lemke said: “As an independent family office, AM alpha can invest anti-cyclically.

“We are specialised in finding imbalances in the market and turning them into opportunities to achieve above-average returns for our investors, especially in a challenging market environment.

“This transaction shows again that AM alpha is an expert in executing complex investments. We will continue to grow our portfolio in the UK’s dynamic growth regions”.

AM alpha was advised by Cushman & Wakefield and CMS on the transaction.