Hermes Investment Management has acquired the Co-op Group’s entire share interest in NOMA, Manchester’s 20-acre mixed-use redevelopment scheme.
NOMA, the largest development project in North West England, has been delivered by a 50:50 joint venture between Hermes and the Co-op Group since 2014.
Hermes said there is strong ongoing demand for high-quality office space in area near Manchester Victoria station, with more than 6,5000 people already working in the NOMA development area.
Existing tenants include Co-op Insurance and Co-op Digital, both of which are part of the Co-op Group, alongside the independently owned Co-operative Bank.
The Co-op Group said it will remain a major occupier and is “fully committed” to ongoing development.
Stuart Hookins, property strategy and development director at Co-op Group Property, said: “Having ensured the vision for NOMA will be achieved through the implementation of the approved masterplan, it is now appropriate for the project to be progressed by a specialist organisation, and allow us to focus on developing our core business.”
Chris Taylor, head of private markets at Hermes, added: “Hermes Investment Management’s vision for NOMA is to continue moving the development forward to create a leading commercial hub in Manchester’s city centre, which embraces the area’s past and heritage by featuring a unique mix of historic and new buildings.
“As part of our partnership with the Co-op Group, we have made strong progress at the scheme, including the delivery of improved infrastructure and enhanced public realm.
“We now aim to continue this, in line with our ongoing commitment to placemaking and regeneration on a regional scale, ensuring that the development benefits the local community and economy in the long-term.”
