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LONDON- Henderson Global Investors, manager of the Pearl Assurance portfolio, has paid £19.8 million ($31 million) for 1 Hagley Road, Birmingham. The recently-refurbished building provides 138,000 sf of office space on the main road leading west from the city centre.

The building was bought by the Raven Group from Scottish Widows in September 2000. Following a £3.5 million ($5.5 million) refurbishment and rebranding exercise, 100,000 sf has been let and the building is now fully let to tenants including HSBC, the Secretary of State for Transport, National Express Coaches and Lawrence Shaw at rents up to £13.50 ($21) per sf.

Andrew Creighton, Senior Portfolio Manager at Henderson said, “This purchase is in line with the fund’s strategy of securing properties with asset management opportunities whilst providing a strong income return for our client.”

Henderson was represented by James Andrew International while Knight Frank and Grenville Smith & Duncan acted for Raven Group.

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