Property investor IM Properties has acquired the Fore Business Park near Solihull in the UK’s West Midlands from developer BAM Properties for around €25 mln.
Property investor IM Properties has acquired the Fore Business Park near Solihull in the UK’s West Midlands from developer BAM Properties for around €25 mln.
Located near the M42 motorway, Fore Business Park comprises two buildings - Fore 1 and Fore 2 – comprising more than 6,000 m2 of office space, of which 85% is let. The site also encompasses more than two hectares of land with secured planning to develop two new office buildings covering a total area of 8,000 m2.
The sale fits in with development and construction group BAM’s property disposal programme launched in 2013, which is aimed at generating at least €100 mln per year. It follows the sale in mid-July of the Glory Park office scheme in Hight Wycombe west of London to a UK investor.
Savills acted on behalf of IM Properties in the completion of the acquisition, with BAM represented by CBRE.
IM Properties was established in 1987 and forms part of the IM Group. It is one of the UK’s largest privately owned property companies with an investment and development portfolio of around £1 bn (€1.3 bn) across the UK, Germany, France and the US.