Catalyst Capital has sold The Economist’s Birmingham office at 60 Church Street to Topland Group for £16.7m.
The Economist has a five-year lease at the building for its Midlands technology centre.
The 63,290 sq ft building is also home to West Midlands Trains and Succession Wealth Group.
It was sold by Catalyst Capital’s second European Fund II, with a net initial yield of 6.75%.
The 11-storey office is located on the corner of Church Street and Cornwall Street.
David Sanderson, investment manager at Topland, said: “This acquisition provides us with both quality income on a very well-located asset and the opportunity to add value. It fits well with our existing regional portfolio and we continue to seek similar opportunities.”
Guy Wilson, partner at Catalyst Capital, said: “This has been a highly successful refurbishment and releasing project for us and we continue to look for similar value-add office property opportunities throughout the UK.”
Catalyst Capital was advised by Avison Young and Topland was advised by Savills.
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