Tristan Unfazed By Pandemic As It Closes In On £145M Blythe Valley Business Park
The coronavirus pandemic has knocked some deals out of bed and others, like the £510M sale to Columbia Threadneedle of Manchester Airport’s prize property portfolio, have been subject to gazundering. But investor interest in best-in-class business parks shows no signs of weakening.
Tristan Capital Partners, the London-based European investor that bought Birmingham’s 230K SF 103 Colmore Row office building in April 2019, looks set to buy Solihull’s 820K SF Blythe Valley business park in April 2020.
A deal with IM Properties is under discussion at a price close to £145M, React News reported. The lure is regular income from existing tenants plus a 44-acre plot and diversification into residential and other uses, making Blythe Valley an unusually robust business park asset.
If concluded, the deal would be Tristan’s second major buy in a once-neglected investment category, following a £140M deal for DWS Group’s 400K SF Reading International Business Park.
"We are currently in discussions however, we have no further comment about it at this time," IM Properties said in statement to Bisnow.
Coleshill-based IM has made a triumph out of the Solihull site it acquired in 2013.
The business park was reported to be on the market last year, but did not sell.
IM launched the M42 corridor’s first speculative office development for a decade, unveiling the 209K SF five-unit Connexion scheme at Blythe Valley.