Nikal has completed the £100m sale of the first phase of its Exchange Square development in Birmingham to LaSalle Investment Management.
A potential deal between the pair was announced last April.
Exchange Square is one of the largest residential developments outside London, and was built specifically for the build to rent sector.
The scheme has consent for 603 flats spread over three buildings, and will offer 30,000 sq ft of ancillary ground floor leisure and retail space, a 20,000 sq ft gym, 5,000 sq ft members’ club-style hub, residents roof garden, private lounge and concierge offer, above 182 basement car parking spaces.
Occupying a prime spot in Birmingham’s Eastside, the development sits on an island site between the central business district and the proposed Curzon development, and including the site selected for the new Birmingham HS2 terminus.
Work on the Stephenson Studio-designed first phase is due to begin this month, with the first three residential blocks due for completion during 2018 and 2019.
Andrew Stanford, residential fund manager at LaSalle Investment Management, said: “Exchange Square is a unique concept for Birmingham and represents will help to meet Birmingham’s growing housing requirement, particularly for young professionals.”
Nikal has also appointed Sir Robert McAlpine as main contractor for the initial phase.
Knight Frank and Savills are joint sales agents and advised Nikal on the funding deal. LaSalle was advised by CBRE.
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