The Birmingham based private family office investment fund EPIL (Euro Property Investments Limited), advised by Harris Lamb, has acquired the virtual freehold interest in Louisa Ryland House in Birmingham’s central business district.
EPIL provided funding for the acquisition and has partnered with Graftongate, advised by Colliers, in order to be able to deliver to Birmingham a Grade A 90,000 sq ft office by 2016.
EPIL views the acquisition as a near-term opportunity to create either a major headquarters facility, or three separate buildings of approximately 60,000 sq ft and two 15,000 sq ft buildings at a time when there will be virtually no other similar opportunities in the market
EPIL has recently been taking strategic positions in property markets where, working with the right partners, it sees growth in the short to medium term because of a reversal in the supply and demand dynamic as the economy recovers.
Recent examples include 191,000 sq ft of Distribution and Warehousing in Tamworth with Graftongate, where it is seeking to refurbish and re-let and a single let manufacturing facility in Milton Keynes with a short lease profile in a reversionary market.
Peter Wood, head of investment at Harris Lamb, said that the acquisition was an important move by EPIL to continue the regeneration of Birmingham.
“The building is particularly significant as Louisa Ryland was a generous benefactor to the city of Birmingham and EPIL – which is the family office of the Majid family – is a major employer. The acquisition marks an important effort by the Majid family to positively help in the rejuvenation of the city core,” he said.