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Argent Sells Half of Brindleyplace to Private Consortium

LONDON-More than 390 private investors have clubbed together to buy a 50% interest in the 840,000-sf Brindleyplace development in Birmingham, valuing the estate at $580 million.

By Graham Parker | Updated on March 24, 2004

LONDON-In the largest ever collective investment by private investors in a single-asset property vehicle, 391 private investors have between them raised £53 million ($98 million) of equity to buy a 50% stake in the Brindleyplace Limited Partnership.

The partnership owns a total of 840,000 sf of property at Brindleyplace in Birmingham, developed in several phases over a decade by Argent. The deal coincides with the completion of the final phase of development, consisting of 279,000 sf of offices in three linked buildings let to the Royal Bank of Scotland.

Overall, Brindleyplace provides 757,000 sf of offices, 32,000 sf of restaurants, bars and cafes, 16,500 sf of retail space, a 34,500-sf health club, a 340-seat theatre and a 903-space multi-story car park. Most of the £21.4 million ($40 million) annual income stream is generated from major occupiers including the Royal Bank of Scotland, British Telecom, Deloitte & Touche and the Post Office with an average lease length of 16 years.

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