Regional fund Squarestone Growth has bought two offices at Eagle Court Business Park near Solihull from Aviva Investors for £21.6m – a net initial yield of 8.73%.
The deal – Squarestone’s largest acquisition and first in Birmingham – comprises two buildings totalling 138,074 sq ft, which serve as a regional headquarters for Virgin Media.
Other occupiers include Rexel and Goldbeck Construction, with close to 20,000 sq ft of vacancy – of which 13,300 sq ft is under offer.
Charlie Arden, acquisitions manager at Squarestone Growth, said: “Eagle Court is an established business park in an excellent location that meets the needs of occupiers looking for affordable and well-connected space in Birmingham’s out-of-town market.
“Marking our largest transaction, these assets are a significant addition to our high-yielding regional portfolio, complementing our growth strategy towards £400m.”
The transaction follows the acquisition of Manchester Green earlier this year for £20.5m.
JLL advised Squarestone Growth. CBRE advised Aviva Investors.
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