British Land has confirmed the sale of its West Midlands business park Blythe Valley Park in Solihull to private equity firm Doughty Hanson & Co Real Estate and US-based REIT Liberty Property Trust for £161m.
The 257-acre landmark site was developed by British Land in partnership with Solihull Metropolitan Borough council and provides circa 500,000 sq ft of offices within 97 acres of undeveloped land.
Late last year, outline planning consent was secured for a major extension to the park bringing the total consented area up to 2m sq ft of offices.
Current tenants include Ove Arup, Logica, Regus, Virgin and Oracle.
Up to £17.5m of the total price apportioned to the undeveloped land is to be paid on a deferred basis over the next four years.
Tim Roberts, director and head of offices, British Land, said: “The disposal is in line with our stated strategy of value creation through capital recycling and a tightened sector focus on our core markets of London Offices and Out of Town retail, the two sectors in which we have leading positions and expertise.”
paul.norman@rbi.co.uk
