Hillview Real Estate has acquired an office campus on the edge of Birmingham for Hillview Partners Property Fund III, a new £300 million value-add regional real estate fund.
In its first investment for the new fund, Hillview has bought three adjacent office buildings at Kings Court, a development of high-quality office suites at Birmingham Business Park, from Catalyst Capital for £9.7 million, reflecting a net initial yield of 8.72%.
The three buildings comprise six self-contained units at 2620-2650, totalling 51,503 sq ft in a range of suites from 1,500 sq ft to 17,150 sq ft. The occupiers range from SMEs to international technology companies. The weighted average unexpired lease term is 4.66 years.
Birmingham Business Park, located by the M42 in Solihull, is one of the Midlands’ most established commercial hubs, comprising 1.84 million sq ft over 148 acres.
Hillview was advised by Knight Frank and Catalyst Capital was advised by Gerald Eve.