Peter Ferrari’s Ashby Capital has closed two purchases totalling £450m, including its first investment outside London.
The purchase of the 310,000 sq ft Colmore Plaza in Birmingham has been completed at a price of around £140m.
Ashby has also completed its purchase of a stake in Helical Bar and Baupost’s redevelopment of St Bartholomew’s Hospital, E1, for around £300m, as revealed by Estates Gazette.
The project will create a three-acre mixed-use quarter including a 200,000 sq ft office block designed by Sheppard Robson.
Colmore Plaza is two-thirds let to tenants including Vodafone, Hogan Lovells, Amey and AHR, and has been purchased from Carlyle Group.
Ashby chief executive Peter Ferrari said: “These two deals highlight our approach of investing in the best assets in locations where demand is strong and growing.
“As the major regional cities such as Birmingham and Manchester continue their strong recovery, we continue to be interested in opportunities in prime, central locations in these markets.”
Helical Bar director Gerald Kaye said: “We are very pleased to be partnering with Ashby Capital on the offices component of our Barts Square development which is set to play a major role in the transformation of the already improving Farringdon area.”
AshbyCapital was advised by JLL on Colmore Plaza and Savills on Barts Square; Cushman & Wakefield advised Carlyle Group; CBRE advised Helical Bar.
