Dec 21, 2017

Co-op Group sells remaining Manchester property

The Co-operative Group has sold its remaining Manchester property to Hermes Investment Management as it seeks to cut debt and focus on its core retail business. The move will allow it to focus on running its businesses rather than a grand £800m scheme to redevelop its 20 acres of land near Victoria station north of Manchester city centre. Before the Co-op arrived it was a notorious Manchester slum, called Angel Meadows. Noma sold the CIS tower, which is the head office of Co-operative Insurance, for £66m in May. The Co-op sold its main headquarters in 2013 to fund manager RREEF and Asian investors for £142.3m. More than 6,500 people work in the neighbourhood and the Co-op Group and independently owned Co-operative Bank will remain at their current locations. Stuart Hookins, of Co-op Group property, said it was "Appropriate for the project to be progressed by a specialist organisation, and allow us to focus on developing our core businesses".

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