Catalyst Capital has sold a multi-let office building, 60 Church Street, in the centre of Birmingham to Topland Group for €18.7m (£16.8m), reflecting a net initial yield of 6.75%. The 11-storey building, which is located at the corner of Church Street and Cornwall Street, was sold by Catalyst Capital’s second European fund, Catalyst European Property Fund II, which closed in 2016. It was extensively refurbished by Catalyst at a cost of €2.3m (£2.1m) to provide 63,290ft² of office space. It is fully let to a range of strong tenants, including The Economist, West Midlands Trains and Succession Wealth Group.
Guy Wilson, a partner of Catalyst Capital, said: “This has been a highly-successful refurbishment and releasing project for us and we continue to look for similar value-add office property opportunities throughout the UK”.
David Sanderson, investment manager at Topland, commented: “This acquisition provides us with both quality income on a very well-located asset and the opportunity to add value. It fits well with our existing regional portfolio and we continue to seek similar opportunities”.