TH Real Estate has acquired a Grade A office building in Birmingham on behalf of its European Cities Fund from IM Properties for £98 mln (€111 mln).
Totalling 14,378 m2 (157,562 ft2) across seven floors, 55 Colmore Row includes leisure accommodation on the lower ground floor, 64 car parking spaces and 57 cycle spaces.
'Given the attractiveness of the building, the low vacancy rates for Grade A office stock and limited supply within the city, we believe this asset should deliver excellent returns for the fund,' commented Andrew Rich, fund manager for the European Cities Fund at TH Real Estate.
The property underwent a full refurbishment in 2017 and the asset is now let to tenants including Pinsent Masons LLP, Savills, RICS and Gaucho. The refurbishment was awarded BREEAM ‘Excellent’ rating in 2017.
'Sustainability is core to the European Cities Fund strategy because investing in future proof buildings, in resilient locations can help protect future returns,' said Abigail Dean, head of sustainability at TH Real Estate.
'The acquisition of this BREEAM ‘Excellent’, energy efficient building further boots the sustainability profile of the fund and will also contribute towards the achievement of TH Real Estate’s target to reduce energy intensity by 30% by 2030,' Dean added.
TH Real Estate’s European Cities Fund recently announced the acquisitions of Enox Retail Park, Paris and The Warehouse, an office property in Amsterdam, making 55 Colmore Row the seventh standing asset in the fund.
