A UK office investment partnership between Hillview Real Estate and the property arm of Israeli conglomerate Shlomo has invested £21m (€24m) to buy its second asset.

Hillview and Shir Shlomo Real Estate said they have acquired Edmund Gardens in Birmingham from DTZ Investors. Hillview made the investment via its £300m Hillview Partners Property Fund III fund.

The multi-let office asset comprises five buildings around a central courtyard totalling 67,510sqft, on an island site in the centre of Birmingham’s business district. The mixed-use estate consists of 80% offices with additional retail, food and beverage and residential units.

Nadav Livni, managing director of Hillview Group and fund manager of Hillview Real Estate, said: “This is a really interesting value-add acquisition for our fund and new partnership with Shir Shlomo Real Estate. I am proud that, despite the current market volatility, we were able to successfully complete the transaction.

“The building is very well located in the heart of Birmingham’s financial district, is under-rented and provides a good blend of income with the opportunity to increase rents by refurbishing any space vacated by tenants and enhancing the offering to tenants.”

The Hillview and Shir Shlomo Real Estate partnership, created to invest in regional office properties in the UK, made its first transaction back in June with the acquisition of 76 Wellington Street in Leeds for £12.6m.

TASE-listed Shir Shlomo Real Estate has been investing since 2011 both in Israel and in Europe, mainly in offices, hotels, and industrial properties.

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