53 King Street

A landmark building in Manchester city centre acquired by Infinity in a joint venture deal provided a 21% IRR on exit.

Infinity invested from its property fund to acquire the iconic 53 King Street for £6m, using additional funding from its joint venture partner and bank debt.

The building, designed by architect Charles Heathcote, opened in 1913 and was formerly the home of Lloyds TSB.

Infinity’s strategy was to manage the 43,000 sq ft property pending the expiry of the bank’s lease, and then to redevelop and refurbish it to secure new, more lucrative tenants.

An exit from the joint venture after three-and-a-half years was achieved by Infinity at the stage where advanced negotiations were under way with several potential new tenants, and redevelopment plans for the building had been scoped.