American private equity firm Carlyle Group has agreed to acquire Colmore Plaza, an office building in the centre of Birmingham in the UK, for £150 mln (EUR 224 mln).
American private equity firm Carlyle Group has agreed to acquire Colmore Plaza, an office building in the centre of Birmingham in the UK, for £150 mln (EUR 224 mln).
Colmore Plaza, a development by Abstract Land Ltd, is scheduled to be completed in early 2008. It will provide 28,521 m2 of prime quality office space. The 14-storey office development will provide the largest amount of new institutional quality office space outside of London.
'We believe Birmingham is growing in importance and attractiveness for both UK and international businesses,' commented Robert Hodges, managing director of the Carlyle Group. 'Colmore Plaza is an ambitious and exciting project, and will add to Birmingham's desirability as the city of choice outside the capital.'
Carlyle is investing in the Colmore Plaza project through its second European real estate fund, Carlyle Europe Real Estate Partners II. The EUR 760 mln fund closed in September 2005 and is over 50% invested.
