The Co-operative Group and Hermes Real Estate complete joint venture
Hermes Real Estate has completed a joint venture agreement with The Co-operative Group to bring forward the NOMA scheme in Manchester City Centre.
Over the next 10 years, the 50/50 partnership will create a 20 acres mixed-use district in the heart of Manchester. Together, the JV will develop the buildings and land within NOMA to deliver new homes, offices, retail and leisure facilities in the centre of the city.
The completion of the joint venture agreement signals a major milestone in the NOMA project and the wider regeneration of Manchester city centre.
Martyn Hulme, Managing Director of Co-operative Estates, said: “Completion of the agreement shows our real intent to move NOMA forward in earnest thanks to the shared purpose of two like-minded businesses. Hermes has a proven track record of delivering large scale schemes such as NOMA, and residents and businesses within Manchester can look forward to seeing the project enhance the city centre enormously.”
Chris Taylor, CEO of Hermes Real Estate, added: “The signing of this strategic land partnership is in line with our strategy of investing in dominant sites in major urban areas that will provide sustainable places to work and live. NOMA and the surrounding area also benefits from improved infrastructure, enhanced public realm, proximity to major retail and leisure facilities which are all important factors in our investment process.
“We are delighted to be a part of such a pivotal project for Manchester and our experience with other city centre developments, including Paradise Circus, Birmingham and Kings Cross, London will be helpful in ensuring that we reach our goal of providing a sustainable environment for visitors, workers and residents alike.”
JLL acted for Hermes Real Estate, while Colliers represented The Co-operative Group.