Kuits advises Dev Secs on 75,000 sq ft Axis Tower |
16th October 2008 |
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Development Securities, based in London, has taken a 50% stake in Property Alliance Group's £35m Axis office scheme in Manchester city centre. Axis Tower will be an 18-storey Grade A office building next to Manchester central providing 75,000 sq ft with self-contained units of 4,500 sq ft. Matthew Weiner of Development Securities commented "we have a strong belief in the Manchester market and have been keen to progress a further project in the city, following on from the City Park development." Nick Nyunt, Property Partner at Kuits, who acted on behalf of Development Securities commented "this is an exciting development and we were delighted to be involved in it. It is great to see a deal of this size, particularly in the current economic climate." The deal was brokered by Rob Horton of Whitaker Horton. WHR Property Consultants and P3 are the joint acting agents. Steve Eccleston, Managing Partner and Head of Banking & Finance at Kuits has now been instructed by the joint venture partners, Property Alliance Group and Development Securities, to advise on the funding in connection with this development. - Ends - For further information please contact: | |