Blue Noble acquires Birmingham office asset for €43m

London-based real estate investment management company Blue Noble has acquired an office asset in Birmingham, UK from from private equity player Benson Elliot Capital Management for £37.7 mln (€43 mln).

The asset, which was divested on behalf of Benson Elliot Real Estate Partners Fund III (BEREP III), is located in the Brindleyplace mixed-use development in central Birmingham.

The property provides 110,000 ft2 (10,200 m2) of office space over 13 floors and is 90% occupied. Benson Elliot said that since acquisition in 2014, it had improved the occupancy from around 50% by incorporating F&B content and serviced, flexible accommodation.

'Following the team’s historic involvement with the wider estate, we are delighted to have acquired 11 Brindleyplace on behalf of Blue Noble Real Estate Opportunities II (BNREO II),' said Tobias Evans, chief investment officer at Blue Noble.

'11 Brindleyplace offers us an opportunity to implement our income and growth strategy with proactive and engaged asset management initiatives for the benefit of our investors and our occupiers,' Evans added.

'We are pleased to conclude this transaction with Blue Noble bringing total realisations from our successful Fund III regional office strategy to c. £300 mln,' said James Jakeman, partner at Benson Elliot.

'In the context of wider market challenges, closing the sale highlights the quality of the underlying real estate and the continuing positive transformation of its micro location in Birmingham,' Jakeman concluded.

Benson Elliot was advised by Cube Real Estate and Savills. Blue Noble was advised by BNP Paribas, Bryan Cave Leighton Paisner and JLL Debt Advisory.

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