French investment firm Corum Asset Management has acquired the Exchange Buildings in Birmingham, UK, from Orchard Street Investment Management for around £23 mln (€27 mln).
The ten storey mixed-use property comprises a Premier Inn Hotel with 140 keys, plus four retail tenants, including a bank branch of HSBC and food retailer McDonald's. The retail space covers some 2,400 m2.
Corum acquired the asset on behalf of its fund, Corum XL, which was launched in 2017 to invest in both the euro zone and beyond.
The asset also includes rooftop telecoms and 37 basement car spaces, 32 of which are allocated to Premier Inn, and five to HSBC. The Premier Inn Hotel occupies a ground floor entrance lobby and extends over mezzanine and eight upper floors, with panoramic views of Birmingham City Centre.
The building is situated near Birmingham's Grand Central train station on the corner of New Street and Stephenson Place.
Knight Frank marketed the property.
