Brindleyplace Sale Confirmed
As reported on our blog earlier this week, the sale of eight office and retail buildings in Birmingham’s Brindleyplace is going ahead and has been confirmed this morning.
The office properties within the deal are units Three, Four, Five, Six and Nine Brindleyplace, along with three buildings that are currently home to Costa Coffee, Ikon Gallery and Crescent Theatre. The sale also includes a 903-space multi-storey car park.
The UK office of real estate firm Hines and UK private equity investor Moorfield formed a partnership to secure the purchase, and the deal is expected to be completed by the middle of July.
“As one of the top mixed-use properties in the UK, we believe this acquisition reinforces our strategy of investing in fundamentally sound real estate across the globe,” commented Charles Hazen, president and CEO of Hines Global REIT, as reported on TheBusinessDesk.
Gary Taylor, joint managing director of Argent – who will retain management of the properties and will work alongside Hines – commented:
“We have been involved with Brindleyplace for the past 17 years, and during this time the estate has matured into probably the best mixed-use environment anywhere in the UK.
“We are delighted that the majority of the estate is staying in one ownership, and that two such outstanding organisations as Hines and Moorfield share the same customer-focused, long-term management ethos that we have adopted since the early 1990s. We look forward to working with them.”