Hines, the international real estate firm, has confirmed the sale of six buildings at Brindleyplace in Birmingham. The buildings, which comprise 500,000 ft² of mixed-use space, have been acquired by HSBC Alternative Investments (HAIL) for an undisclosed price. It was also confirmed that Hines will be retained as asset manager extending the firm's seven year stewardship of Brindleyplace.
Raj Rajput, managing director of Hines, said "Brindleyplace continues to be one of the most desirable office locations in Birmingham."
The buildings form part of the Brindleyplace development which consists of well-designed buildings, tree-lined streets and public squares. The canal-side, mixed use scheme comprises 11 prime office buildings totaling over 1 million ft², with tenants including Deutsche Bank, GVA, Michael Page and Deloitte.
Hines UK has advised on more than four million ft² of projects acquired, completed or in the pipeline in the UK with a total UK portfolio under management valued at in excess of £2bn. The company's UK portfolio of assets under management includes The Centre Livingston, Cannon Place, One Bartholomew Lane, One Westferry, Sixty London and 25 Cabot Square.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries. Hines has $93.2bn of assets under management, including €45.35bn ($47.9bn) for which Hines provides fiduciary investment management services, and €42.93bn ($45.3bn) for which Hines provides third-party property-level services. The firm has 105 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,180 properties, totaling over 379 million ft². The firm's current property and asset management portfolio includes 483 properties, representing over 199 million ft². With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
CBRE and Colliers acted as advisors to Hines.
