TH Real Estates European Cities platform acquires 55 Colmore Row
TH Real Estate has acquired 55 Colmore Row, a prime Grade-A office building in Birmingham, on behalf of its European Cities platform, for c.£98 million.
Totalling 14,378 sq m (157,562 sq ft) across seven floors, the property includes leisure accommodation on the lower ground floor, 64 car parking spaces and 57 cycle spaces.
55 Colmore Row is perfectly positioned in the traditional central business district, also known as the 100% prime pitch area, with excellent connectivity links to Manchester and London. It is a situated a short walk to three mainline city centre train stations and the opening of the High Speed 2 (HS2) in 2026 will be a five-minute walk from the property.
Regarded as one of the best office buildings in Birmingham, Colmore Row underwent a full refurbishment which completed in 2017. The asset is now let to several high-profile tenants, including Pinsent Masons LLP, Savills, RICS and Gaucho. The refurbishment was awarded BREEAM 'Excellent' rating in 2017.
Abigail Dean, Head of Sustainability at TH Real Estate, comments: "Sustainability is core to the European Cities strategy because investing in future-proof buildings, in resilient locations can help protect future returns. The acquisition of this BREEAM 'Excellent', energy efficient building further boosts the sustainability profile of the platform and will also contribute towards the achievement of TH Real Estate’s target to reduce energy intensity by 30% by 2030."
Andrew Rich, Fund Manager for the European Cities Fund at TH Real Estate, adds: "Birmingham has benefitted from substantial regeneration and inward investment of roughly £1bn in recent years, raising the city’s business profile and attracting global companies. Given the attractiveness of the building, the low vacancy rates for Grade-A office stock and limited supply within the city, we believe this asset should deliver excellent returns for the portfolio".
TH Real Estate’s European Cities platform recently announced the acquisitions of Enox Retail Park, Paris and The Warehouse, an office property in Amsterdam, making 55 Colmore Row the seventh standing asset in the portfolio.
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