Benson Elliot Capital Management, acting on behalf of Benson Elliot Real Estate Partners Fund III, has sold 11 Brindleyplace property in Birmingham to Blue Noble for €42.6m (£37.7m). Located within the 17-acre Brindleyplace mixed-use development in central Birmingham, the award-winning scheme provides 110,000ft² of grade A office space over 13 floors. Since acquisition in 2014, Benson Elliot has grown occupancy from 50% to close to 90% today incorporating F&B and flexible accommodation.
James Jakeman, Partner at Benson Elliot, said: “We are pleased to conclude this transaction with Blue Noble bringing total realisations from our successful Fund III regional office strategy to c.€338.8m (£300m). In the context of wider market challenges, closing the sale highlights the quality of the underlying real estate and the continuing positive transformation of its micro-location in Birmingham”.
Tobias Evans, CIO at Blue Noble, said: “Following the team’s historic involvement with the wider estate, we are delighted to have acquired 11 Brindleyplace on behalf of Blue Noble Real Estate Opportunities II. Birmingham continues to benefit from a significant amount of investment, both public and private. Hosting of the Commonwealth Games in 2022 and the medium-term arrival of HS2 will further enhance Birmingham’s appeal. 11 Brindleyplace offers us an opportunity to implement our income and growth strategy with proactive and engaged asset management initiatives for the benefit of our investors and our occupiers.”
