German open-ended fund manager Commerz Real has continued its European investment drive with the acquisition of the One Snowhill office scheme in Birmingham from Irish project developer Ballymore. The property was acquired on behalf of Commerz Real's hausInvest europa fund for over EUR 130 mln.
German open-ended fund manager Commerz Real has continued its European investment drive with the acquisition of the One Snowhill office scheme in Birmingham from Irish project developer Ballymore. The property was acquired on behalf of Commerz Real's hausInvest europa fund for over EUR 130 mln.
Completed in 2009, the 11-storey property is almost fully let and boasts an Excellent rating from the BREEAM (BRE Environmental Assessment Method) sustainability certificate. The property is located inside Birmingham's Central Business District and offers around 24,500 m2 of space.
'Its site, fit-out, and green-building qualities make this property one of the top locations in Birmingham,' said Hans-Joachim Kühl, member of Commerz Real's management board and responsible for real estate acquisitions.
He added: 'One Snowhill enhances the diversification of our British real estate portfolio. After our acquisition of a project development in Liverpool in 2009, this will be the second office property outside the greater London area to be owned by hausInvest europa.'