One Brindleyplace, Birmingham

Virtual freehold office building single let to Deutsche Bank, situated on Brindleyplace, an urban business park development scheme in the CBD of Birmingham. The property provides c.69,000 sq ft of Grade A office space.

The property was acquired in Q3 2013 at a net initial yield of 6.13%. The acquisition formed part of a wider regional UK strategy focusing on the mis-pricing of high quality assets compared to long term fair value. The business plan focused on regearing the lease with the main tenant as part of Deutsche Bank’s expansion outside of Central London, and in particular the consolidation into Birmingham and Brindleyplace.

A number of unsolicited offers were received in 2015, with the property subsequently sold in Q4 2015.