Transactions - FEBRUARY 23, 2017

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Hines Global REIT sells U.K. office for £260m

by Andrea Waitrovich

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.

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