A shopping precinct in Birmingham city centre has been sold.
A joint venture team of private equity real estate outfit Henley Investments and global investment firm Sixth Street, both based in London, has acquired Martineau Place in Corporation Street for an undisclosed fee from US-based Colony Capital.
The site has almost 300,000 sq ft of mixed-use commercial space and counts Boots, Burger King, Argos and the Staybridge aparthotel among its tenants.
It neighbours The Square, a 1960s shopping centre which Bullring co-owner Hammerson is planning to demolish to make way for its major regeneration scheme called 'Martineau Galleries'.
This latest investment follows the joint venture's acquisition of an office block in West London in May.
Justin Meissel, chief investment officer and managing director for Europe with Henley, said: "We are pleased to have completed another successful acquisition with Sixth Street as our joint venture continues to find value in assets requiring deep local real estate understanding, active management and experienced oversight.
"Martineau Place sits in a phenomenal, central location, adjacent to the future Curzon Street HS2 terminal, in an area in the nascent stages of regeneration.
"The high-quality tenant base will continue to benefit from the property's central location and we look forward to working with tenants to maximise the long-term value of the property.
"We are actively seeking further investment opportunities in well located existing assets and development sites across the UK."
BCLP, Avison Young and AGL acted on behalf of the joint venture.
