European investor buys 10-storey office block
EMBASSY HOUSE, a 10-storey office building in the heart of Birmingham’s Colmore Business District, has been sold for £8.9m.
European real estate investor Catalyst Capital has bought the Cornwall Street property from Royal London Asset Management.
It has used its €1bn fund, Catalyst European Property Fund II. The fund invests in the office and retail sectors in the UK, France, Belgium, Germany and Poland, and targets a diversified portfolio of income-producing assets and development and refurbishment opportunities.
Embassy House has 64,070 sq ft and is 53% leased to a range of tenants, including Maersk, AIG and Marston Group.
Guy Wilson, a partner of Catalyst Capital, said: “The acquisition of Embassy House continues our strategy of purchasing well-located regional city centre office properties with potential for improvement.”
Catalyst Capital was advised by GVA and Royal London Asset Management by Cushman & Wakefield.