AXA Real Estate Investment Managers ('AXA Real Estate'), the leading real estate portfolio and asset manager in Europe with over 42 billion of assets under management as at March 2012, announces that it has completed the sale of 115 Colmore Row in Birmingham for £32.2 million (approx. 41 million) to CLAL Insurance Enterprises Holdings Ltd ('CLAL').
115 Colmore Row is a prime office building in the central business district of Birmingham.
AXA Real Estate made the sale on behalf of the The Co-operative Insurance, which has been a client since 2005.
115 Colmore Row is a prime office building which offers 80,373 ft² (approx. 7,469.6 m²)of grade-A space with 94 car parking spaces in the central business district of Birmingham, the UK's second city. It is let entirely to international law firm Eversheds with 11 years remaining on the lease.
Knight Frank acted on behalf of AXA Real Estate/The Co-operative Insurance.
Commenting on the acquisition, Colin Goodwin, Senior Fund Manager at AXA Real Estate, said: "This disposal demonstrates that there is still a clear demand for high quality well-let income producing offices in the UK's second city and allows us to rebalance The Co-operative Insurance's portfolio."
Asher Golker, Head of the Knight Frank Israel Desk, which advised the buyer, commented: "CLAL are one of the largest financial institutions in Israel and have been increasingly active in the UK real estate market over the past few years. They are delighted to have acquired 115 Colmore Row, one of Birmingham's best office buildings, which is an excellent addition to their UK portfolio."
Source: FTI Consulting