Argent confirms sale of Brindleyplace buildings
EIGHT buildings and a multi-storey car park in Birmingham’s Brindleyplace have been sold to two real estate companies.
The UK office of Hines, the international real estate firm, and UK private equity investor Moorfield have concluded negotiations for the acquisition of the properties which include offices and retail space.
The deal is expected to be completed by the middle of the month and the properties’ managers Argent will retain an asset management role, working alongside Hines.
The units in the deal are Three, Four, Five, Six and Nine Brindleyplace, Costa Coffee, Ikon Gallery and Crescent Theatre along with the 903-space multi-storey car park.
Gary Taylor, joint managing director of Argent said: “We have been involved with Brindleyplace for the past 17 years, and during this time the estate has matured into probably the best mixed-use environment anywhere in the UK.
“We are delighted that the majority of the estate is staying in one ownership, and that two such outstanding organisations as Hines and Moorfield share the same customer-focused, long-term management ethos that we have adopted since the early 1990s. We look forward to working with them.”
Charles Hazen, president and CEO of Hines Global REIT added: “This asset was extremely attractive to the Hines Global REIT due to its prominent position in the market and its strong and stable tenancy.
“As one of the top mixed-use properties in the UK, we believe this acquisition reinforces our strategy of investing in fundamentally sound real estate across the globe.”
Stephen Musgrave, Hines UK managing director said: “This is a significant move for Hines and Moorfield.
“Brindleyplace is an extremely strong asset, which we will continue to shepherd carefully applying Hines’ investment, development and property management skills, complemented by Moorfield’s skill base, to build on the tremendous work Argent has already done to add value to this important area of Birmingham’s city centre.
“It’s been great working with Jay Wyper, Ross Blair and the rest of the Hines team and Moorfield on this deal.”
Moorfield will invest on behalf of the Moorfield Real Estate Fund II.
Its chief executive Marc Gilbard said: “We have known both Hines and Argent for many years, and have looked at opportunities in the past where we might be able to work together.
“This acquisition will enable all three of us to come together from an asset management perspective, and I believe our complementary skill base will ensure that all parties, including Brindleyplace tenants, will benefit going forward.”
