Private Equity Firm Apollo Teams Up With Developer Allied London to Buy Vacant Manchester Office Scheme

Private Equity Firm Apollo Teams Up With Developer to Buy Manchester City….Office Scheme

In massive private equity news Apollo Global Management have teamed up with developer Allied London to buy Manchester City…office scheme St John’s for £500 million.

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The scheme, known as St John’s, is located in the city’s financial district and comprises two 23-story towers. The towers were originally built in the 1970s and have been vacant since 2017.

Apollo and Allied London plan to redevelop the site into a mixed-use development with office, residential, and retail space. The development is expected to create around 2,000 jobs.

Private Equity Firm Apollo Teams Up With Developer Allied London to Buy Vacant Manchester Office Scheme

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The deal is the latest in a series of investments by Apollo in the UK. In 2021, the firm acquired a portfolio of office buildings in London from Blackstone for £1.2 billion.

The acquisition of St John’s is a sign of confidence in the Manchester office market. The city’s office market has been recovering in recent years, and rents are now at their highest level since the financial crisis. The development of St John’s is expected to boost the city’s office market further.

The deal is also a sign of the growing interest of private equity firms in the UK property market. Private equity firms have been investing heavily in UK property in recent years, and they are expected to continue to do so in the years to come.

The acquisition of St John’s is a significant development for Manchester. The development is expected to create jobs and boost the city’s economy. The development is also a sign of the growing confidence of investors in Manchester.

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