The West Midlands Pension Fund has bought a prime office building in England’s West Midlands region.
CBRE Investment Management, investing on behalf of the £18.7bn (€21bn) UK pension fund, said it has acquired the 125 Colmore Row office building in Birmingham’s city centre.
IPE Real Asset understands that the 150,000sqft building was acquired from property manager EPIC for around £80m.
The building has been occupied by Lloyds TSB Bank since it was developed in 2001, with a lease in place until 2030.
Michael Roult, fund manager at CBRE Investment Management, said: “125 Colmore Row has strong fundamentals, with a great location, an attractive exterior and significant basement space.
“We see significant opportunities to enhance this asset further over the course of our ownership, updating the building and its facilities to match more closely the requirements of modern occupiers from a sustainability and wellness perspective.”
CBRE represented CBRE Investment Management; James Andrew International acted for the vendor.
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