Hines' Fund acquires Birmingham office scheme

One Eleven Edmund Street purchased from IVG Institutional Funds

Article posted: 12 Oct 2011

The European headquarters of Hines, the international real estate firm, recently announced that its Pan-European Core Fund (HECF) has acquired prime office space in Birmingham at One Eleven Edmund Street, from German real estate fund IVG Institutional Funds GmbH. Financials on the deal were not disclosed.

One Eleven Edmund Street, completed in 2003, is a Class A office building providing 44,000 sq ft of space on seven floors. It is occupied by Gateley, a leading regional commercial law firm.

Commenting on the acquisition, Hines UK Director Anthony Leonard said: “We are delighted to acquire HECF’s first office investment in Birmingham.  This is a high-quality building in a great location, and Gateley is a successful and highly respected company.”

HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP-FIS), managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe.

Hines was advised by GBR Phoenix Beard and Wragge & Co. Debt financing was provided by LBBW. IVG was advised by Jones Lang LaSalle.

Through other entities, Hines also owns two additional properties in Birmingham, Brindleyplace and Two Snowhill.

Last month Hines was also celebrating the completion of its landmark Cannon Place development, delivering 400,000 sq ft of prime office space in the City of London together with new retail space and incorporating the re-development of Cannon Street Station.

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Posted by Jules