HSBC Brings £195M Birmingham Brindleyplace To Market
HSBC Alternative Investments is bringing a large element of Brindleyplace in Birmingham to market, seeking around £195M representing a circa 7.25% yield, CoStar reported.
After Hines Global and Lone Star sold the estate in 2017, Hines UK was retained as asset manager for the buildings, comprising buildings 3, 4, 5 and 6, and the Oozells building at 9 Brindleyplace.
ACRE Capital Real Estate and JLL have been instructed on the sale. It is the biggest building marketed in Birmingham since Blackstone bought The Colmore Building for £182M in April.
Hines Global had a 60% stake and Lone Star 40% in the office-led campus, which is occupied by major tenants including Deutsche Bank, with nearly 130K SF at 5 Brindleyplace, Avison Young, Michael Page, Landmark Space, the Commonwealth Games and Deloitte.
The head-lease interest offered for sale comprises more than 811K SF in total, including 526K SF of office space with retail on the ground floor, 41.5K SF of retail/leisure accommodation in the Brunswick Arcade and Cafe in the Square and 244K SF of car parking.
The campus is one of Birmingham’s best-known business and leisure destinations and the buildings for sale form part of the overall canal-side Brindleyplace development, which includes 11 prime office buildings, retail and leisure, plus three public squares.
Lone Star acquired its stake in the office complexes at the end of 2014 as part of a wider £1B deal for Moorfield legacy fund assets. Moorfield and Hines had bought the five buildings from the Brindleyplace Partnership for £190M in 2010.
