Opus Land in a joint venture with Europa Fund II has completed the acquisition of Saltley Business Park from Hermes Real Estate for around £58.4 million (approx. €76m).
Saltley Park is a multi-let industrial / distribution facility occupying a key location close to Birmingham city center. Extending to some 47 acres, the park accommodates over 100,000 m² of industrial / distribution space in 22 buildings. The units range in age from the early 1900's to the 1990's and the 16 tenants including Anixter, Kuehne & Nagel and The Knight Group, contribute to an annual rent in excess of £4 million.
The 'Saltley Works' led the world in the manufacture of rolling stock including the elite Pullman Fleet from 1845 to the 60s and was home to key manufacturers such as Vickers, Cammell Laird and Metro-Cammell.
Gareth Williams, Development Director at Opus Land said: "We are absolutely delighted to have secured another high profile opportunity offering the potential to add value. This brings the total value of our portfolio to over £750 million and Saltley's asset management and redevelopment opportunities will contribute significantly to our future growth in the short to medium term."
Opus Land entered into a joint venture agreement to purchase Saltley Business Park with one of Europe's leading property funds. Europa Capital is an independent real estate investment management group operating throughout Europe.
"I worked with Europa when I was based in Prague and knew what they were looking for in the UK," added Gareth Williams. "Saltley fitted the bill exactly and we decided to go for it together matching our local knowledge and expertise with their funding capabilities."
Rob Sim, Head of Asset Management at Europa, said, "We are very pleased to be working with Opus Land on Saltley Business Park. This is an exciting opportunity to invest in a significant industrial asset in an excellent location with a multitude of active asset management angles."
Cushman & Wakefield acted for Opus Land and King Sturge acted for Hermes Real Estate.