JV snaps up major Birmingham office building in £21m deal

Hillview Real Estate, the UK regional office investor, and Sh.i.r. Shlomo Real Estate, a subsidiary of one of the largest conglomerates in Israel, have completed their second joint acquisition with the purchase of a multi-let office investment in the centre of Birmingham from DTZ Investors for £21m.

The investment, Edmund Gardens, comprises five buildings around a central courtyard totalling 67,510 sq ft, on an island site in the centre of Birmingham’s business district. It has a principal frontage to Edmund Street.

Hillview Real Estate, which is investing through its £300m Hillview Partners Property Fund III, plans to “significantly” improve the office, retail and residential offering.

This is the second acquisition for the partnership between Hillview Real Estate and Sh.i.r. Shlomo Real Estate to establish a portfolio of regional office properties in the UK. The first was the purchase in June of 76 Wellington Street in Leeds for £12.6m.

Nadav Livni, managing director of Hillview Group and Fund Manager of Hillview Real Estate, said: “This is a really interesting value-add acquisition for our Fund and new partnership with Sh.i.r. Shlomo Real Estate. I am proud that, despite the current market volatility, we were able to successfully complete the transaction.

“The building is very well located in the heart of Birmingham’s financial district, is under-rented and provides a good blend of income with the opportunity to increase rents by refurbishing any space vacated by tenants and enhancing the offering to tenants.”

Hillview Real Estate was advised by JLL and DTZ Investors was advised by BNP Paribas Real Estate.