TH Real Estate’s European Cities Fund has acquired 55 Colmore Row in England’s West Midlands region for £98m (€111.5m).
The prime Grade A office building in Birmingham, has around 14,378sqm of space across seven floors.
The property includes leisure accommodation on the lower ground floor, 64 car parking spaces and 57 cycle spaces.
Colmore Row underwent a full refurbishment and completing in 2017 and the asset is now let to several tenants.
Abigail Dean, the head of sustainability at TH Real Estate, said: “Sustainability is core to the European Cities Fund strategy because investing in future proof buildings, in resilient locations can help protect future returns.”
The acquisition of this 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 said.
Andrew Rich, the fund manager for the European Cities Fund at TH Real Estate, said: 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.”
Launched in March 2016, TH Real Estate’s open-ended 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.
TH Real Estate is a property investment manager owned by US financial services group TIAA.
