UK-based private equity real estate fund manager Benson Elliot Capital Management has sold Birmingham office property, 11 Brindleyplace, to Blue Noble for £37.7 million.
The grade A office property is located within the 17-acre Brindleyplace mixed-use development in central Birmingham.
“We are pleased to conclude this transaction with Blue Noble bringing total realisations from our successful Fund III regional office strategy to c. £300 m. In the context of wider market challenges, closing the sale highlights the quality of the underlying real estate and the continuing positive transformation of its micro location in Birmingham,” said James Jakeman, Partner at Benson Elliot.
“Following the team’s historic involvement with the wider estate, we are delighted to have acquired 11 Brindleyplace on behalf of Blue Noble Real Estate Opportunities II (“BNREO II”). Birmingham continues to benefit from a significant amount of investment, both public and private. Hosting of the Commonwealth Games in 2022 and the medium-term arrival of HS2 will further enhance Birmingham’s appeal. 11 Brindleyplace offers us an opportunity to implement our income and growth strategy with proactive and engaged asset management initiatives for the benefit of our investors and our tenants,” said Tobias Evans, CIO at Blue Noble.
Benson Elliot was advised by Cube Real Estate and Savills. Blue Noble was advised by BNP Paribas, Bryan Cave Leighton Paisner and JLL Debt Advisory.