Property News Hatrick of deals for Colliers International

Colliers International Birmingham acquires Brindleyplace office investment of up to £200 million

Colliers International Birmingham has been working with Hines UK to identify and acquire a significant regional office investment of up to £200m.

A direct approach was made via Argent to the Brindleyplace Limited Partnership, to introduce Hines Global REIT and put forward a proposal to purchase the estate for c.£200m. The properties consist of five office buildings as well as ground-floor retail, restaurant and theatre space and a 903-space multi-storey car park.

The deal was completed in July 2010 off market. Argent will retain an asset management role working alongside Hines. The price paid reflects a yield of between 7% - 7.5%.