Birmingham City Council has completed the purchase of the long lease of Pallasades shopping centre above New Street Station in the city. The municipality said the purchase of the Pallasades is 'a major milestone on the road to delivering the transformation of the £600 mln New Street Gateway project to give Birmingham a world class rail hub.' The property was acquired from a 50/50 joint venture of Halifax Bank of Scotland and Warner Estate Holdings for £91 mln (EUR 100 mln) in cash.
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