Birmingham nightspots sold in £7m deal
PROPERTY investor Kames Capital has enlarged its portfolio with the acquisition of two of Birmingham’s leading nightspots.
The group, represented by international real estate advisor Savills, has purchased the Après and Mechu venues in Summer Row from Town & Country Inns in a deal worth £6.9m.
The acquisition includes the office space above both venues, together with a second Après bar in Bird Street in Lichfield.
The deal does not include Town & Country Inns’ third Summer Row property, Fleet Street Kitchen.
Totalling a combined 31,217 sq ft, the acquired properties have been leased back to Town & Country Inns for a term of 25 years.
Ned Jones, director of investment at Savills, said: “These assets are in prime Midlands leisure locations and offer a good return from one of the region’s most respected and long standing independent chains, making them a strong addition to our client’s portfolio.”
Colliers International acted for Town & Country Inns.
From offices in Edinburgh and London, Kames Capital manages assets with a value of £52bn on behalf of various UK and international clients – including pension funds, government agencies, financial institutions, wealth managers, family offices, financial advisers and individual investors.
