Union Investment has finalized the acquisition of a historic office building in a prime Birmingham location from Nuveen Real Estate for a price said to be around £105 mln (€116 mln).
The deal – which was paused in March due to the pandemic – was made on behalf of Union’s open-ended UniInstitutional European Real Estate fund.
Dating from 1875, the asset at 55 Colmore Row has a listed Victorian façade and is home to RICS, Savills and WeWork. The six-storey building has been extensively refurbished twice since it was first built. It provides around 14,600 m2 and is currently fully let.
‘The combination of building quality, history and location makes this property a rarity in the transactions market,’ said Wolfgang Kessler, a member of the management team at Union Investment Institutional Property.
Union Investment was advised by CMS and CBRE on the acquisition, while Nuveen was advised by A&O and Acre.
