Private equity fund manager Clearbell Capital has bought an office investment in the UK's West Midlands for £22 mln (€28.1 mln) on a net initial yield of 9.48%.
Blenheim Court, a complex of four buildings in Solihull with a combined area of nearly 14,000 m2, was acquired from Credit Suisse.
The company said the asset was 'well placed to take advantage of increased interest in the West Midlands conurbation from financial institutions and businesses seeking to reduce costs by moving out of London'. Solihull is located 15 km to the south-east of Birmingham and 25 km from Coventry.
The offices are let to 25 tenants with various lease profiles. Clearbell plans to improve and upgrade the buildings, refurbishing public space and negotiating lease extensions with key tenants.
Rob Mills, partner at Clearbell Capital, said: 'This investment also allows us to take advantage of the new town-centric dynamic in Solihull and the reduction in office supply we’ve seen in the area over the past year.'
Clearbell was advised by GBR Phoenix, while Credit Suisse was advised by GVA.
