BIRMINGHAM, ENGLAND-A partnership of Hines Global REIT and Moorfield, a UK real estate private equity investor and fund manager, has acquired at least five office buildings here in a reported transaction of less than $250 million. The properties are in the Brindleyplace complex, and include ground-floor retail, restaurants, theater space and a parking garage.
Brindleyplace LP sold the offices, which are managed by Argent. The deal is expected to be complete in two weeks, according to a Hines statement. The complex includes 17 acres of mixed-use buildings, mostly office, in the Westside District here.
“The asset was extremely attractive…due to its prominent position in the market and its strong and stable tenancy,” said Charles Hazen, president and CEO of the Hines trust, in a statement.
Moorfield is using its Moorfield Real Estate Fund II for the investment, a fund that raised about $500 million of private equity at the end of 2007.
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