Salmon Harvester Opportunity Fund (SHOF) has sold two buildings in Birmingham city centre to Strathclyde Pension Fund, managed by DTZI, for £31.38 million.
SHOF purchased 1 Victoria Square and 1 Swallow Street, close to New Street station, in December 2010 for £17.5m.
1 Victoria Square is a 92,000 sq ft office building with a ground floor restaurant and Office occupiers include Regus, Applause IT and the East West Rail Consortium. The rent totals £1,614,000.
One Swallow Street was a 55,000 sq ft office building that has been recently been converted under permitted development rights to 55 residential apartments.
Matthew Meaden Fund Manager of SHOF commented: “Following careful stock selection we have been able to add significant value to our holdings in the city through an active asset management strategy.”
Kevin O’Connor, Senior Director at DTZ Investors added: ” The acquisition allows us to recycle capital from recent disposals and gives the Fund exposure to mixed use offices and leisure property as well as the growing PRS sector in a very strong regional centre.”
Both 1 Victoria Square and One Swallow Street are in a prime location, close to both the City’s office core, Grand Central shopping centre and with excellent rail links via the nearby New Street station.
GBR Phoenix Beard advised Salmon Harvester Opportunity Fund and BNP Paribas Real Estate advised the purchaser.