Hillview and Shlomo in €24m value-add play in Birmingham

Hillview Real Estate, a UK regional office investor, and Sh.i.r. Shlomo Real Estate, a subsidiary of one of the largest conglomerates in Israel, have completed their second joint acquisition with the purchase of a multi-let office investment in the centre of Birmingham from DTZ Investors for £21 mln (€24 mln).

The investment, Edmund Gardens, comprises five buildings around a central courtyard totalling 67,510 sq ft (6,270 m2), on an island site in the centre of Birmingham’s business district.

The mixed-use estate consists of 80% multi-let offices, catering to a wide range of occupiers with additional retail, food & beverage and residential units. The weighted average unexpired lease term to expiry is 4.7 years.

Hillview Real Estate, which is investing through its £300 mln Hillview Partners Property Fund III, plans to improve the office, retail and residential offering through active asset management and a programme of capital expenditure.

This is the second acquisition for the partnership between Hillview Real Estate and Sh.i.r. Shlomo Real Estate to establish a portfolio of regional office properties in the UK. The first was the purchase in June of 76 Wellington Street in Leeds for £12.6 mln.

Sh.i.r. Shlomo Real Estate Ltd, a company traded on the Tel Aviv Stock Exchange, has been investing since 2011 both in Israel and in Europe, mainly in offices, hotels, and industrial properties. It is a part of the Shlomo Group, one of Israel's largest investment groups.

Hillview Real Estate was advised by JLL and DTZ Investors was advised by BNP Paribas Real Estate.


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