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IM Properties has sold 55 Colmore Row, Birmingham to TH Real Estate for £98M, describing the 158K SF block as "as prime as you can get".
The sale represents a massive payday for IM Properties, who acquired the block in 2014 for £33M in a deal with Sterling Property Ventures and Kames Capital. They have since refurbished the property.
Tenants include law firm Pinsent Masons, surveyors Savills and the Royal Institution of Charted Surveyors. The block is more than 60% let.
CoStar is reporting a yield of 4.9%, the keenest in Birmingham since the late 2015 sale for £87.3M of 1 Colmore Square to Legal & General.
"55 Colmore Row is about as prime as you get in Birmingham," IM Properties Investment Director John Hammond said.
"The redevelopment of the building was a real labour of love and we poured much of the company's heart and soul into it.
"The acquisition is obviously a great way to start 2018 for IM Properties but also Birmingham, as it really sets the tone for the city going forward into the new year, demonstrating its tremendous growth potential now and in the future.”
IM Properties was advised by Savills. TH Real Estate's European Cities Fund was advised by Acre.
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