Deal completed on Brindleyplace offices sale
THE deal to sell eight properties and a 903-space multi-storey car in Birmingham’s Brindleyplace has been completed.
The buildings have been bought from the team of investors known as Brindleyplace Limited Partnership by the UK office of international real estate firm Hines and UK private equity investor Moorfield.
The sale was confirmed at the start of the month following weeks of speculation about the future of the mixed-use complex which is managed by Argent, which owns Eleven Brindleyplace and will continue to work alongside Hines.
The £190m deal was completed with the help of independent property specialists Tritax which says the deal represents a 7.2%pa compound return to fund income unit holders and a 7.8% pa compound to those holding capital units.
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The buildings included in the deal are Three, Four, Five, Six and Nine Brindleyplace, Costa Coffee, Ikon Gallery, Crescent Theatre and the car park.
Head of marketing at Tritax Anthony Wyld said: “Commercial property has been severely hit by the events of the last couple of years.
“However, Brindleyplace highlights that cherry picking properties in the same way that equity managers select stocks can reap the rewards that investors require.
“This strategy has served us well and continues to form the basis for our recent fund launches including our commercial property oil exploration fund in Aberdeen.”
