The Pension Protection Fund (PPF) has sold a 拢292m (鈧�340m) office building to UK government-owned lender NatWest.
UK鈥檚 PPF said the sale of One Hardman Boulevard in Manchester is the largest to take place outside of London this year.
Barry Kenneth, the Pension Protection Fund鈥檚 CIO, said: 鈥淥ur 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.鈥�
Kenneth said by exiting at this stage, PPF is realising attractive valuation alongside the returns that 鈥渨e have earned during the holding period鈥�.
鈥淭he time left until the lease expires also meant that the asset was becoming a less effective contributor to our liability hedging strategy.
鈥淥ur investment strategy is fundamental to securing strong returns for our scheme members and this particular asset has done just that. It鈥檚 exciting to see the returns produced from this innovative part of our strategy,鈥� Kenneth added.
PPF acquired One Hardman Boulevard in 2014.
To read the digital edition of the latest 91传媒在线 magazine click here.
