(LONDON) – The European headquarters of Hines, the international real estate firm, announced today that its Pan-European Core Fund (HECF) has acquired One Eleven Edmund Street, a prime office building in Birmingham, from German real estate fund IVG Institutional Funds GmbH.
Financials on the deal were not disclosed.
One Eleven Edmund Street, completed in 2003, is a Class A office building providing 44,000 square feet of space on seven floors.
It is occupied by Gateley, a leading regional commercial law firm.
“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,” said Hines UK Director Anthony Leonard.
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP-FIS), managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe.
Hines was advised by GBR Phoenix Beard and Wragge & Co.
Debt financing was provided by LBBW.
IVG was advised by Jones Lang LaSalle.
Through other entities, Hines also owns two additional 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. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
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. Visit www.hines.com for more information.