AXA Real Estate Investment Managers has completed the sale of an office building in Birmingham for £32 mln (EUR 41 mln) to Israeli financial institution CLAL Insurance Enterprises Holdings. AXA carried out the sale on behalf of The Co-operative Insurance, which has been a client since 2005.
AXA Real Estate Investment Managers has completed the sale of an office building in Birmingham for £32 mln (EUR 41 mln) to Israeli financial institution CLAL Insurance Enterprises Holdings. AXA carried out the sale on behalf of The Co-operative Insurance, which has been a client since 2005.
The property at 115 Colmore Row is a prime office asset offering 7,470 m2 of Grade A space with 94 parking spaces in the central business district of Birmingham, the UK's second-biggest city. It is let entirely to international law firm Eversheds with 11 years remaining on the lease.
Knight Frank acted on behalf of AXA Real Estate/The Co-operative Insurance.
Commenting on the sale, Colin Goodwin, senior fund manager at AXA Real Estate, said: 'This disposal demonstrates that there is still a clear demand for high quality, well-let, income-producing offices in the UK's second city and allows us to rebalance The Co-operative Insurance’s portfolio.'
Asher Golker, head of the Knight Frank Israel Desk which advised the buyer, added: 'CLAL have been increasingly active in the UK real estate market over the past few years. They are delighted to have acquired 115 Colmore Row, one of Birmingham’s best office buildings, which is an excellent addition to their UK portfolio.'
