Valad Europe has swooped on a deal to buy Five Ways leisure complex in Birmingham.
The European multilet real estate investment manager has exchanged contracts to buy the 199,700 sq ft, Cineworld-anchored scheme for circa £33m – an 8% yield. Tenants at Five Ways, which is being sold by UK & European Investments, include PureGym and Nando’s.
The sale comes more than three years after UK & European bought Five Ways in a £27m deal, reflecting a 9% yield. Cortex Partners is advising UK & European.
annabel.dixon@estatesgazette.com
