Topland Group splash the cash with office acquisitions

International investors purchase offices in Birmingham and Redruth

Article posted: 13 May 2011

Privately owned international investment group, Topland Group, has acquired offices in the West Midlands and Cornwall in a £6.5m cash spending spree.

The investor has purchased multi-let offices in Birmingham with the acquisition of Cobalt Square (pictured) on Hagley Road for £3.8m. The 17-storey building comprises 72,000 sq ft of office space in Edgbaston and is let to nine tenants on short leases therefore affording good asset management potential.

Also last month, Topland invested £2.7m in offices in Cornwall which are home to HM Revenue & Customs. The three-storey property comprising 28,700 sq ft of office space in Redruth was purchased from Mapeley.

Commenting on the acquisitions, Clive Bush, managing director operations, said: "This latest transaction highlights Topland's interest in purchasing assets requiring intensive asset management which cannot be purchased with bank debt. The secondary market is presenting more opportunities and we anticipate committing to several more deals in the next few weeks."

Osbourne Clarke advised Topland in Birmingham; Tring acted in Cornwall. Mapeley was advised by King Sturge and Clarke Wilmott.

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Posted by Julie