Press Release: December 14, 2009
One of the largest regional office investment transactions to take place has been completed in the Midlands, with funding provided by Barclays PLC.
The £79 million funding package has enabled a syndicate of investors arranged and managed by Tritax to acquire 7, 8 and 10 Brindleyplace, the landmark office development in Birmingham at a cost of £101 million.
The properties being acquired comprise some 300,000 sq ft of Grade A office space let to The Royal Bank of Scotland plc.
Jason Constable, Head of Property Finance, Midlands Region at Barclays said: "I am delighted that we have been able to provide debt facilities for the completion of this landmark deal. This demonstrates our appetite and ability to execute major real estate transactions and confirms that Barclays is very much open for business. Birmingham remains attractive as a regional office investment market and we are ideally placed to finance further transactions of this scale.
Banking Partner, Matthew Heaton at Pinsent Masons advised Barclays with support from Real Estate Partner Gerry Mulholland, assisted by Stewart Moore and Sean Houlihan.
Matthew Heaton commented: "We are extremely pleased to have advised Barclays on this very high-profile transaction, which is one of the largest real estate finance deals done in the region this year. It is especially pleasing that a deal of this size and complexity was advised out of Birmingham."
Birmingham based, Jones Lang La Salle acted as valuers for this transaction. Stuart Smith, Associate Director said: The buildings represent prime, landmark offices with a secure long term income stream and a transaction of this magnitude sends out a positive image of the city.
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