A European fund is under offer to buy 1 Brindleyplace in Birmingham.
The overseas purchaser is believed to be paying in excess of £30m for the 68,500 sq ft flagship building – reflecting a yield of around 6.25%.
The office block came to the market last month via vendor British Airways Pension Fund and its agent GBR Phoenix Beard with a £29m asking price – a 6.5% yield.
The sale was prompted by tenant Deutsche Bank’s decision to re-gear its lease, which was due to expire next February.
Deutsche has taken a 15-year lease with a break at year 10 and is also set to occupy 5 Brindleyplace and retain its 46,000 sq ft Baskerville House offices.
lisa.pilkington@estatesgazette.com
