Birmingham city centre office scheme changes hands in £20m deal
A BIRMINGHAM city centre office and mixed-use development has changed hands following the completion of a deal worth more than £20m.
The deal sees DTZ Investors acquire Innovation Court in the heart of the Colmore Business District from Horton Estates’ for £20.5m.
The mixed use development, on the corner of Edmund Street and Church Street, has been acquired on behalf of the National Grid UK Pension Scheme.
Hortons’, a family-owned property company, acquired the building in 1999, redeveloping it in 2000.
The development comprises 45,000 sq ft of offices, with tenants including Savills and Mace, and five retail units, let to bar/restaurant Utopia, Urban Coffee, Benjamin Ryan Hair, Clements & Church and Home. There are six apartments.
Tony Green, chief executive at Hortons’ said: “Hortons’ has not divested of any of its city centre holdings for many years, but this unsolicited approach was quite timely as we were planning an upgrade at the building. As the offer was also very good, reflecting the demand for good investment stock in Birmingham, we took the opportunity to sell.”
The deal reflects a net initial yield of 4.3%.
BNP Paribas represented Horton Estates on the deal.
