St Philips Point sold to Scottish investment JV
AN Edinburgh property partnership has bought the St Philips Point office building in Birmingham as part of a £22m package.
The Ediston Opportunity Partnership, a joint venture by Ediston Properties and Europa Capital, has purchased the building in Temple Row out of receivership alongside Caledonian Caledonian House in Aberdeen.
St Philip’s Point – which started life as the shopping centre City Plaza – comprises 97,469 sq ft over 11 floors. It is let to six tenants including insurer Jardine Lloyd Thompson and accountancy firm Baker Tilly.
It was sold by the LPA receiver on behalf of Lloyds TSB Bank.
Daniel O’Neill of Ediston said: “We are pleased to have completed the purchase of both properties and that both Europa Capital and RBS, which provided debt on both assets, have once again backed our strategy of buying very well located buildings which offer numerous asset management and refurbishment opportunities.”
James Fortescue, associate director at Europa Capital, added: “These acquisitions complement the nine other investments in the partnership and provide an opportunity to undertake active asset management to improve capital values.”
The deals cement a period of activity for Ediston and Europa which included the launch of a new property vehicle with Europa and the raising of a £50m credit facility from Royal Bank of Scotland in May 2012.
Stuart Heslop of RBS said: “The UK market is core to our real estate finance business and we look forward to continuing to support the business with future acquisitions.”
