The deal is complicated in that the alliance may be requiredover the next three years to make additional payments to theundisclosed 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 ($3.3million).

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

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