The European headquarters of Hines, the international real estate firm, has announced that its Pan-European Core Fund (HECF) has acquired One Eleven Edmund Street, a prime office building in Birmingham, from German real estate fund IVG Institutional Funds GmbH. Financials on the deal were not disclosed.
"We are delighted to acquire HECF's first office investment in Birmingham. This is a high-quality building in a great location, and Gateley is a successful and highly respected company," said Hines UK Director Anthony Leonard.
HECF is a euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP-FIS), managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe.
Hines was advised by GBR Phoenix Beard and Wragge & Co. Debt financing was provided by LBBW. IVG was advised by Jones Lang LaSalle.
Through other entities, Hines also owns two additional properties in Birmingham, Brindleyplace and Two Snowhill.