Today we’ve announced the sale of our stake in Manchester’s NOMA development (the area where 1 Angel Square, Miller St and The Federation are located) to Hermes Investment Management. The money raised from this will now be put towards the ongoing transformation of our core businesses.
We’ve been in a 50/50 partnership with Hermes since 2014 to develop the area. We’ve put in place a strong masterplan for the regeneration of the area into a new neighbourhood – with office, housing, retail, leisure and public spaces. Now it’s time to hand over the reins to a specialist company as property development is not central to what we do.
This in no way affects our current tenancies of 1AS, The Federation or Miller St.