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News Release

MANCHESTER

Aberdeen Asset Management sells flagship Urban Outfitters store in Manchester for £18.6 million

JLL acted on behalf of private family office


​MANCHESTER, 02 February 2017 - Aberdeen Asset Management has sold the 20,000 sq ft flagship Urban Outfitters store at 41-43 Market Street, Manchester for £18.6 million to a private family office. The property is let for a further 8½ years at £765,000 per annum, with an uncapped RPI rent in 2020.

Tim Sankey, Fund Manager, Aberdeen Asset Management, commented: “Whilst the store is a strong asset the level of interest was just too attractive for us to ignore. It was really pleasing to capitalise on the team’s excellent asset management.”

Jonathan Heptonstall, Director, Retail Investment, JLL, added: “This is a true best in class retail asset, located in arguably the busiest point in Manchester city centre. The purchase fits with my client’s aspirations for buying properties which are truly best in class.”

KLM Retail acted for Aberdeen Asset Management. JLL acted for the private family office.