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Possibly Birmingham’s headline deal of 2013, GBR Phoenix Beard advised BA Pension Fund on the lease regearing with their tenant Deutsche Bank at One Brindleyplace, resulting in a reversionary 10 year lease being granted on the 68,000 sq ft office property. GBR Phoenix Beard are then instructed to market the resultant prime office investment. The sale was ultimately agreed with a European fund for a price of around £30 million.
GBR Phoenix Beard’s capital markets team has advised Ediston Properties on their purchase of St Philips Point on Temple Row in Birmingham. St Philips Point, which comprises a 97,469 sq ft office and retail building over eleven floors, has been bought by The Ediston Opportunity Partnership, a joint venture by Edinburgh-based Ediston Properties and Europa Capital. The property, located near the city's cathedral, is held freehold and let to six tenants. It was sold by the LPA Receiver on behalf of Lloyds bank. Stephen Benson and Simon Robinson of GBR Phoenix Beard worked closely with Ediston on the purchase, and GBR Phoenix Beard has been retained to implement the asset plan for the property which includes renegotiating leases, letting vacant retail and office space, undertaking repair and refurbishment works as well as property management.
Daniel O'Neill of Ediston said:
We are pleased to have completed the purchase of St Philips Point. Europa Capital and RBS, provided debt on the asset, once again backing our strategy of buying very well located buildings which offer numerous asset management and refurbishment opportunities."
GBR Phoenix Beard has advised Hines’ Pan-European Core Fund (HECF) on its acquisition of One Eleven Edmund Street, a prime office building in Birmingham from German real estate fund IVG Institutional Funds. One Eleven Edmund Street is a 44, 000 sq ft grade A office building let to Gateley LLP. Financials on the deal were not disclosed. Through other entities, Hines also owns two other properties in Birmingham, Brindleyplace and Two Snowhill. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world.
Hines are active in the central Birmingham office market and had a requirement to invest in a well-let office investment for HECF. Although we had considered One Eleven Edmund Street previously, GBR Phoenix Beard knew the tenant Gateley LLP and were able to re-gear the Gateley lease, such that the investment characteristics of the asset matched our Fund’s requirements. GBR Phoenix Beard’s knowledge of the Birmingham office market, both from an occupier and investor’s perspective, was outstanding. 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,”
Anthony Leonard, Hines UK
£60,000,000 acquisition of 125 Colmore Row on behalf of Standard Life Investments and subsequent investment disposal
GBR Phoenix Beard acquired this 100% prime office investment on behalf of Standard life Investments and were subsequently appointed by this Scottish institution to market the asset. A good level of interest was shown by a range of investors and the property sold to EPIC.
Our role: £28,000,000 disposal of SBQ on Smallbrook Queensway on behalf of Quintain Estates & Development Plc
Quintain were looking to de-gear their investment portfolio and appointed GBR Phoenix Beard jointly with Jones Lang LaSalle to market this secondary office investment stretching on one side of Smallbrook Queensway from Holloway Circus to Bull Ring. The property was acquired by CEG in March 2008 and GBRPB are joint letting agents for the office element of the property.