Birmingham Business Park offices part of £31m portfolio sale
A PROPERTY on Birmingham Business Park has been acquired as part of a £31.4m deal.
Investor CLS Holdings has bought five sites, including Unit 2500 The Crescent at Birmingham Business Park, from a private investor.
The portfolio as a whole generates rents of £2.5m per year from 10 tenants and represents a net initial yield of 8%. The other properties are in Maidenhead, Reigate, Sidcup and Teddington.
Unit 2500 is a 27,000 sq ft building over three stories which is let to insurance technology firm SSP until 2021.
Although the value of the Birmingham property has not been disclosed, it was previously marketed above £3.6m four years ago.
Fredrik Widlund, chief executive of CLS, said: “We are delighted to have acquired these properties, which play to the group’s strengths, provide strong asset management opportunities in the short to medium-term, and add significantly to the group’s cash flow.”
The acquisition was financed from CLS’s existing funds.