LONDON-The Birmingham Alliance has sold the leasehold on the mixed-use Martineau Place to a private company for €140 million ($171 million). The Alliance, comprising Hammerson, Henderson Global Investors and Land Securities, has exchanged contracts for the sale of the mixed-use scheme.

The deal is complicated in that the alliance may be required over the next three years to make additional payments to the undisclosed purchaser, depending on rental performance. Conservative estimates put the cost over three years at around €602,000 ($735,000) but it could reach high as €2.7 million ($3.3 million).

The scheme comprises 175,400 sf retail and 73,200 feet of offices. DTZ and Franc Warwick advised the alliance; the purchaser was advised by BTW Shiells and Lunson Mitchenall. The deal follows the failure of Birmingham Alliance to reach an agreement with the real estate division of Deutsche Bank last year for the sale of the centre. Alliance then took the scheme off the market.

Deutsche Bank had announced its intention to spend heavily in the UK for its open-ended fund DGI. But its acquisitions at the time were new, well-let offices. Martineau is three years old and a mixed scheme.

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