Hines Global REIT sells U.K. office for £260m
Hines Global REIT has sold five buildings at Brindleyplace in Birmingham, England, to an entity owned by clients of HSBC Private Bank and advised by HSBC Alternative Investments for £260 million ($326 million). Hines Global REIT owned 60 percent of these buildings through a joint venture with a third party, which owned the remaining 40 percent. Hines Global REIT purchased Brindleyplace in 2010 for £186 million ($233 million). It was its first international acquisition. The buildings total more than 560,000 square feet of mixed-use space and are leased to high-quality tenants, including Deutsche Bank, Royal Bank of Scotland and Deloitte LLP. The investment assets represent mixed-use space in five buildings that are part of the larger Brindleyplace major mixed-use development, which itself comprises prime office buildings totaling more than 1 million square feet.