Hines and Moorfield have bought five prime office buildings at Brindleyplace in Birmingham for close to £200m in the city’s largest office deal to date. The price reflects a 7%-7.5% yield.
The deal with Brindleyplace Limited Partnership is the first overseas acquisition for Hines Global REIT.
Hines’s outgoing UK head Stephen Musgrave said that more overseas deals would follow.
Moorfield is investing on behalf of the Moorfield Real Estate Fund II. Eurohypo provides the debt.
The sale included the estate’s theatre, Bank restaurant, shops and a car park.
Argent will retain its asset management role working with Hines. Colliers International advised Hines.
