LGIM Real Assets has sold The Lewis Building and its neighbor Priory Court, a prominent city center office block in Birmingham, United Kingdom, for £140 million ($177 million).
The new owner is Dubai-based Gulf Islamic Investments, which has U.K. property portfolio valued at £533 million ($420 million).
The sale is considered to be the United Kindgom’s largest office transaction outside of London this year.
“Despite the challenging times and the uncertainty surrounding Brexit, Gulf Islamic Investments is immensely delighted to expand its investment portfolio in the United Kingdom through another high-quality, long-income-yielding asset for its clients, endorsing our strong belief in the U.K. real estate market.,” said Pankaj Gupta, co-founder of Gulf Islamic Investments.
The two buildings have offices, retail and entertainment areas on the ground floor, multi-let on long-term unbreakable leases. The major tenant is the U.K. government.
LGIM
