UK - A joint venture between the BT and Royal Mail pension funds, developer Argent and fund manager Tritax has sold five office buildings in Birmingham for £190m (€225m).

The buildings, part of the Brindleyplace development, were built in 1999 by the joint venture partnership and have now been sold to Hines Global Reit, a US-based real estate investment trust, and Moorfield, a UK private equity real estate fund manager.

The properties consist of five prime office buildings including ground-floor retail, restaurant and theatre space, and a 903-space multi-storey car park.

The buildings are currently managed by Argent, which will retain an asset management role working alongside Hines.

Gary Taylor, joint managing director of Argent's UK development arm, said: "We have been involved with Brindleyplace for the past 17 years, and during this time the estate has matured into probably the best mixed-use environment anywhere in the UK."

Moorfield will invest on behalf of the Moorfield Real Estate Fund II, a geared fund that raised approximately £400m of private equity capital on closing at the end of 2007.

Marc Gilbard, chief executive at Moorfield, said: "We have known both Hines and Argent for many years and have looked at opportunities in the past where we might be able to work together.

"This acquisition will enable all three of us to come together from an asset management perspective, and our complementary skill base will ensure all parties, including Brindleyplace tenants, will benefit going forward."

Charles Hazen, president and chief executive at Hines Global REIT said the asset was attractive due to its prominent position in the market and strong and stable tenancy.

He added: "As one of the top mixed-use properties in the UK, this acquisition reinforces our strategy of investing in fundamentally sound real estate across the globe."

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