Aviva Investors, acting for Aviva Life and Pension UK, has concluded the sale of the Exchange Buildings in Birmingham.
The deal saw the scheme, which sits next to the Grand Central shopping centre, sold for circa £40m – a 4.5% yield – to Orchard Street Investment Management on behalf of St James’s Place Wealth Management.
The yield is one of the keenest paid for a retail asset in Birmingham during this cycle, reflecting the increased attractiveness of the location and Birmingham as an investment opportunity following the revamp of New Street station and the opening of John Lewis and Grand Central last year.
Exchange Buildings comprises four retail units totalling 25,853 sq ft, anchored by HSBC Bank and McDonalds, and a 140-bedroom Premier Inn hotel.
JLL advised Aviva Investors, while GBR Phoenix Beard advised Orchard Street.
