┬ú190m Brindleyplace Office Deal Goes Through
The deal involving the sale of eight retail and office properties at Birmingham’s Brindleyplace has been completed.
International real estate firm Hines and UK private equity investor Moorfield have collaborated to purchase the group of buildings, which were formerly owned by property investment company Brindleyplace Limited Partnership.
As reported recently on our blog, the agreement involves units Three, Four, Five, Six and Nine Brindleyplace, along with three properties that are currently home to Costa Coffee, Ikon Gallery and Crescent Theatre. The sale also includes a 903-space multi-storey car park.
“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.
Property firm Argent, who formerly managed the Brindleyplace properties, will continue to do so alongside the new partnership.
Head of marketing at Tritax Anthony Wyld said: “Commercial property has been severely hit by the events of the last couple of years. However, Brindleyplace highlights that cherry picking properties in the same way that equity managers select stocks can reap the rewards that investors require.”
The deal was completed for ┬ú190m.