Two property investment firms have teamed up to buy eight Birmingham office buildings for £200 million.
Property investment firms Moorfield and Hines have come together to jointly purchase eight office buildings in Birmingham for £200 million.
If owners Brindleyplace Limited accept the proposal - and it is expected that they will - it will become the largest office space purchase in Birmingham's history, according to Property Week.
Brindleyplace is a prime business asset in central Birmingham, housing over 8,500 employees.
Property Week suggests that the magnitude of the deal, which represents a yield of just over seven per cent on the purchase price, is a clear indication that regional office assets remain attractive to investors, despite the downturn.
The publication believes that current
commercial development firm Argent will continue to manage the estate after the sale.
There is hope that more deals such as this will begin to come together, as the Royal Institution of Chartered Surveyors predicted earlier this month that
commercial mortgage lenders were becoming "more lenient".
Posted by Allan Flowers.
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