German investor buys UK's largest aparthotel for £80m

Ducie Street Warehouse in Manchester, reputed to be the UK's largest aparthotel, has been sold to a German property investment firm for £80m.

Deka Immobilien has struck a deal with US private equity firm Ares Investment Management and local developer Capital & Centric for the 166-bedroom property.

The Grade two-listed redbrick Victorian warehouse near Piccadilly station was recently refurbished and expanded by Ares and Capital & Centric for a reported £25m, after they bought it from Goldman Sachs and Greystar for £25m in 2016.

The project involved restoring features like the building's brick-vaulted ceilings and iron columns.

The property, still operated by Native, which is also owned by Ares Investment Management, features various F&B outlets, private meeting and dining rooms and an outdoor terrace, in addition to 158 one- and two-bedroom suites and eight penthouses.

Picture: copyright of Capital & Centric Ltd