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 mutual formed a joint venture called Noma with Hermes in 2014 to develop the buildings around its head office. It has now sold its half to the asset manager for an undisclosed sum.
Its share of the scheme was valued in its accounts at £22m this July. The Co-op is recovering from near collapse in 2013 and still has £680m in debt despite selling several businesses. It must also fund a £143m takeover of Nisa, the independent convenience store chain and wholesaler.
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