Canadian fund buys Exchange Quay

Alberta Investment Management Corporation has bought Exchange Quay, a 433,637 sq ft, multi-let office complex in Salford Quays.

The acquisition by the Canadian pension fund is further evidence of increasing investor interest in properties with asset management angles outside central London.

With $70bn under management AIMCo is one of Canada’s largest institutional fund managers, and it invests globally for 28 pension and endowment funds.

The buyer was advised by Hunter Property Fund Management, and paid just over £20m to a Channel Islands-based private investor syndicate, advised by Savills.

Mark Hunter, HPFM’s managing director, declined to comment on the identity of his client but said it was looking for additional “intensive office asset management opportunities in greater London and the south east”, and Glasgow, Edinburgh, Leeds, Birmingham and Bristol, as well as Manchester.

Exchange Quay is almost 50% vacant. It comprises six buildings ranging from 26,151 sq ft to 116,684 sq ft and has its own Metrolink tram stop that connects to central Manchester.