Benson Elliot Capital Management has sold 11 Brindleyplace, Birmingham, to Blue Noble for £37.7m.
Located within the 17-acre Brindleyplace mixed-use development in central Birmingham, the property provides 110,000 sq ft of grade-A office space over 13 floors.
Since buying the building in 2014, Benson Elliot has grown occupancy from 50% to close to 90%.
James Jakeman, partner at Benson Elliot, said: “In the context of wider market challenges, closing the sale highlights the quality of the underlying real estate and the continuing positive transformation of its micro location in Birmingham.”
Tobias Evans, founding partner and chief investment officer at Blue Noble, said: “Birmingham continues to benefit from a significant amount of investment, both public and private. Hosting of the Commonwealth Games in 2022 and the medium-term arrival of HS2 will further enhance Birmingham’s appeal.
“11 Brindleyplace offers us an opportunity to implement our income and growth strategy with proactive and engaged asset management initiatives for the benefit of our investors and our occupiers.”
The deal comes after UAE-based Gulf Islamic Investments bought an office block in Birmingham this week for around £149m ($188m) from Legal & General.
The sale represents the UK’s largest office deal outside London so far this year.
Benson Elliot was advised by Cube Real Estate and Savills. Blue Noble was advised by BNP Paribas and JLL Debt Advisory.
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