A fund managed by Blue Noble has acquired a 110,000sqft office asset, in the West Midlands region of England, from a Benson Elliot Capital Management fund for £37.7m (€42.6m).
Blue Noble Real Estate Opportunities II (BNREO II) has bought 11 Brindleyplace in Birmingham from Benson Elliot Real Estate Partners Fund III.
James Jakeman, a partner at Benson Elliot, said the latest transaction with Blue Noble takes the fund’s total realisations to £300m.
“In the context of wider market challenges, closing the sale highlights the quality of the underlying real estate and the continuing positive transformation of its micro-location in Birmingham.”
Tobias Evans, CIO at Blue Noble, said the acquired asset offers the company an opportunity to implement its income and growth strategy with “proactive and engaged asset management initiatives for the benefit of our investors and our occupiers”.